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The Truth About Personal Finance (Collection) by Kay S. Bell, Steve Weisman

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Truth 48. Tax penalties

The IRS relies on taxpayers to fill out their tax returns, correctly figure their tax bills, and then send both in by the filing deadline. But just in case, the IRS has the ability to assess penalties when tax forms and payments aren’t properly made.

And that’s just the tip of the penalty iceberg.

You could face a penalty for substantially understating your tax, filing an incorrect claim for a refund or credit, misstating a taxable transaction, or submitting a frivolous tax return.

If you provide fraudulent information on your return, expect the IRS to up the ante. In addition to a civil fraud penalty, you could face criminal prosecution.

The most common penalties are for filing late or paying taxes late. These ...

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