Consequences of Failing to Pay Your Taxes
Have you faced the dreaded task of tax filing and decided it would be better to put them off? If so, you could face consequences and penalties from the IRS.
The Failure to File and Failure to Pay penalties are the most common to affect regular Americans. The Failure to File penalty is especially harsh, and it applies based on the original Tax Day filing date. This means that you cannot assume you have a grace period until the extension due date, which in 2023, is October 16th for individual tax returns. The Failure to Pay penalty is less burdensome but no less important to avoid. Keep in mind that interest will accrue daily for both of these penalties, so take heed to file and pay your taxes promptly in order to avoid them.
For specifics on what these penalties will mean for you financially, please watch our YouTube video linked below! Or simply click here. If you are not confident about staying off the IRS radar, consult a tax professional to guide you. At XQ CPA, we make sure your tax return is accurate, filed on time, and paid on time. Give us a call or use our convenient online booking service to make an appointment today!
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