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.