61 - return Failure to pay tax To seek retribution from...

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Prepare a table of the possible IRS penalties listed in the text and give a brief summary of the purpose of each penalty. Answer: Penalty Reason for Penalty Interest charged on assessments To encourage taxpayers to pay assessments in a timely manner and to compensate the government for the time-value of late payments Failure to file a tax return To reprimand taxpayers for failing to file a tax
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Unformatted text preview: return Failure to pay tax To seek retribution from taxpayers who fail to pay tax Failure to pay estimated taxes To penalize taxpayers for failing to pay estimated taxes throughout the year Accuracy-related penalties To seek retribution from taxpayers for underpayments or submitting tax returns with errors Fraud penalties To penalize taxpayers for providing fraudulent information...
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