Why do you receive penalties?
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Last modified 5/27/2020 11:03:29 AM EST |
Added by TaxBandits Team
The IRS has set rules and compliance for your tax filing, failing which they have also set the penalties that you will be liable for. It is the responsibility of the employers/payers to file W2/1099 to the SSA/IRS on time and with correct 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.