If you made a mistake, you have several years to file an amended return. But you may owe a penalty if you underpaid your federal tax.
Penalties have been eased for the unemployed, and installment-payment options have been expanded. The IRS even has videos to explain the program.
The actress is accused of failing to pay federal taxes for 2009. Sources blame the oversight on a change in business management and say she will pay up.
Taxpayers who are hiding money abroad can escape prosecution if they pay back taxes and penalties. Those who disclose before they get caught get better deals, the agency says.
Americans living abroad and dual citizens could owe penalties even if they don't owe back taxes -- and that possibility may prevent many from stepping forward.
| Tags: | IRStax penaltiestaxes |
Reclusive mining heiress paid lawyer and accountant thousands every month, but they failed to pay $90 million in federal gift taxes and penalties, estate says.
The agency shows no mercy even if it erroneously sent the money in the first place.
IRA owners turning 70½ this year must comply with required minimum withdrawal rules -- or pay a costly penalty.
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