Does the IRS charge any other penalties?

In addition to the penalties for failure to file or to pay, the IRS is allowed by Federal law to charge numerous other penalties.

A number of penalties are related to the accuracy of the information entered on your tax return. For instance, the IRS may penalize anyone who files a tax return filled with frivolous information or contains a substantial misstatement of the income tax owed. The penalty in such a case is $5000.

The penalty for failing to disclose financial assets that you have stashed overseas is 40 percent of any amount of tax that you have underpaid as a result.

Not all penalties are so costly. If you write a bad check in payment for your taxes,the IRS will charge you a penalty of $25 or 2 percent of the check amount whichever is greater.

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