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John Bullis: A worthwhile reason to contact the IRS

IRS charges many different penalties. Failure to file (on time, including extensions) can be 25 percent of the tax due. Failure to pay is more like additional interest. Congress felt too many taxpayers were not paying IRS because the cost of the interest was low compared to getting a bank loan. The failure to deposit penalty relates to payroll taxes not paid to IRS in a timely manner. The required dates vary, but as the amount of taxes increases, the delay in paying over the payroll taxes is reduced


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