Alabama, IRS Late Filing, Tax Payment Penalties
1. Failure to File Penalty: 10% tax due, or $50 which ever is greater.
2. Failure to Pay Penalty: Assessed if the taxpayer doesn't pay the tax after 30 days past the deadline, and amounts to 1% per month but will not exceed 25% of the tax due.
3. Underpayment Due to Negligence: An underpayment due to negligence penalty is assessed when the taxpayer fails to reasonably comply with Section 40 if the Alabama Code, also known as the Alabama Tax Code, and amounts to 5% of the tax due.
4. Underpayment Due to Fraud Penalty: Assessed when it is determined that the underpayment of the tax due was done fraudulently, and amounts to 50% of the underpaid tax.
5. Frivolous Return Penalty: Frivolous Return Penalty can amounts to as much as $250. A frivolous appeal penalty is imposed when it's determined that the appeal was filed with the purpose of hindering the collection of a tax, and amounts to $250 or 25% of the tax disputed in the appeal, whichever is greater.
6. IRS Penalties: Calculate and estimate your
potential IRS income tax return penalties.