Tax Reduction Letter - Lawmakers Increase Penalties

Article Date:

January 2008

Word Count:

112

Lawmakers Increase Penalties

To pay for the “Heroes Earnings Assistance and Relief Tax Act of 2007” and add a drip of money (a measly $297 million over five years) to deficit reduction, lawmakers increased the minimum penalties for failing to file

S corporation returns to $100, and

individual returns to $250.

The new penalties probably won’t scare you into taking care of your filing requirements, but this will: Your chances of IRS audit jump dramatically when you fail to file your tax returns on time. ... Log in to view full article.

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