Daniel Cullinane CPA

25 Plaza 5 25th fl Jersey City NJ                                          phone 732-516-1648 fax 732-516-9778

MBA Taxation

Daniel Cullinane CPA

2500 Plaza 5 25th fl  Jersey City NJ 07311                                                          phone 732-516-1648  fax 732-516-9778

                 MBA TAXATION                                                                                                         

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The penalty for filing late is usually 5% of the unpaid taxes for each month that a return is late. This penalty will not exceed 25% of your unpaid tax.

If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $153 or 100% of the unpaid tax.

If you do not  pay your taxes by the due date, you generally have a failure to pay penalty of half of one percent of your unpaid taxes each month after the due date that the taxes are not paid. This can be as much as 25% of your unpaid tax.

If you timely filed a request for an extension of time to file and you paid at least 90% of your actual tax liability by the original due date, you will not be faced with a failure to pay penalty if the remaining balance is paid by the extended due date.

Abatement of these penalties fall into four categories

1) Reasonable cause

2) Statutory Exception

3)Administrative Waiver

4) Correction of an IRS error

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