mark kanakarisOct 20, 2026
Understanding IRS Tax Penalties 📊
39views
Understanding IRS Tax Penalties 📊
mark kanakaris
Learn how the IRS calculates penalties for failing to file or pay your taxes on time, and discover options for payment plans.
Understanding IRS Tax Penalties 📊
mark kanakaris
Learn how the IRS calculates penalties for failing to file or pay your taxes on time, and discover options for payment plans.
Chapters
00:00
Introduction
Introduction to Tax Tip Tuesday and the topic of IRS penalties
00:13
Failure to File Penalty
00:54
Failure to Pay Penalty
01:16
IRS Payment Plans and Contact
Transcript
00:00
Hey everybody, welcome to Tax Tip Tuesday.
00:03
I'm your host, Mark Kanakaris, and we're talking about penalties.
00:06
How do the IRS calculate what they're gonna charge you when you don't pay your taxes?
00:13
Well, let's talk with the stuff on the left-hand side.
00:16
Failure to file penalty.
00:17
That means you just didn't submit your return, or your preparer didn't submit your return.
00:23
Which by the way is still you, the taxpayer's responsibility.
00:28
Basically what you need to know, there's a 5% penalty that can be charged, up to 25%, look at this, of the unpaid tax.
00:37
So if you owed $1,000, they could hit you for as much as $1,025, $250, sorry, $1,250 penalty.
00:50
That's a lot of money, guys.
00:52
Lots of money.
00:54
Now, failure to pay- this is the unpaid tax.
00:57
This means I submitted my return, it's on time, but I don't have the money.
01:01
It's a half a percent per month, up to 25%.
01:06
So that means after about 2 years, you've pretty much hit the max, but they'll add interest on anyway.
01:12
Trust me, there's other things that they do.
01:14
This is just horrible stuff.
01:16
And guys, You don't want to get behind the 8-ball with the IRS with penalties.
01:21
They have plans.
01:22
They'll give you up to 5 years on most plans to pay the taxes back.
01:27
Now, bad news to that: they're gonna want to access your bank account.
01:31
They're going to draft it no matter what, so you better be ready to pay it.
01:35
Hey, if you got problems, don't feel bad about giving me a call.
01:38
That's what I'm here for.
01:40
Here's the contact info.
01:41
By the way, ignore that info.
01:43
At Cherokee Tax.
01:44
Just put mark.k at Cherokee Tax.
01:48
Email me, call me.
01:50
I hope you guys have a great day.
01:51
That's your 2-minute tax tip.
Comments
Comments
No comments yet