Posts Tagged ‘2020 Tax Year Unpaid Taxes’

Suppose That You Can’t Pay 100% of Your Tax Bill. What Are Your Options???

Tuesday, April 20th, 2021

The exclusive purpose for the information which is provided from this website is to disseminate information, and not to provide tax advice. 

In a nutshell, don’t ignore this legal requirement!!  The old adage, “If I ignore it long enough, it will go away” will never apply.  You’ll also have a very difficult time explaining or justifying your decision when there are several viable options that are available to you.  I always use the IRS website for information, as that is the “gospel”!  This IRS quotation is for tax year 2019:

“The penalty for not filing a Federal tax return by the due date, or extended due date, is generally 5% of the unpaid tax for each month or part of a month that a tax return is late, up to 25% of the unpaid tax. However, if the return is more than 60 days late, a minimum penalty applies. If no return has been filed after 60 days, the minimum penalty that can be charged is $435 or 100% of the unpaid tax, whichever is less.”

(more…)