Best Accountants in Peachtree City, GA

IRS Penalties For Filing Or Paying Taxes Late - A Practical Guide. The IRS has a slew of various tax penalties applied to taxpayers' accounts in its arsenal. So as taxpayers, why are we penalized? How does it happen? And how may we avoid this in the future? These are great questions; here are some basic examples of how you can get in trouble with the tax law: failure to pay failure to file fraudulent failure to file failure to deposit employment taxes failure to file information returns (e.g., 1099s) or furnish payee statements (e.g., W-2s) lack of accuracy fraud tax evasion failure to collect and pay over tax perjury and fraud, and improper claiming of the earned income credit Well, if you know us, you know exactly the first thing we will recommend; you guessed it, we always recommend hiring a tax professional to assist with a tax filing that is a bit more complex than, say, a single person with a W2 for a source of income (although, trust me, we have seen even that go awry); and not just any tax preparer, but one with a solid reputation for accuracy and diligent work with an abundance of experience.