Why do you receive penalties?
5.1k views |
Last modified 1/11/2022 1:19:11 AM EST |
Added by TaxBandits Team
The IRS has established rules for tax filing, as well as the penalties that you will be liable for if you do not adhere. Employers/payers are responsible for filing W2/1099 to the SSA/IRS on time and with accurate information.
They are also responsible to send the employee/recipient copies on time with correct information. The IRS imposes penalties for missing out on major information.
The IRS charges penalties for:
- Failing to pay your tax on time.
- Failing to file W2/1099 with correct information on time.
For a list of reasons, you may receive penalties, click here.