Why do you receive penalties?
379 views |Last modified 10/31/2023 8:36:02 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 for sending the employee/recipient copies on time with the 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.