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Tax Insight: For Tax Year 2013 and Beyond, Second Edition by M. Casey Murdock

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Penalties and Interest

Be Careful—They Carry a Punch

Ignore them long enough and they will go away, right? Not if you’re talking about talking about the IRS or the penalties and interest that they can levy. The longer you ignore them, the worse it gets and the worse they get. I have had several new clients come to me who are at the point of receiving serious threats from the IRS because they have not filed tax returns for a few years. Once we compile all of their missing returns it is often the case that they owe more money from penalties and interest than they owed in taxes!

Not all penalties are equal either. Certain penalties can be relatively ...

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