I am thinking about filing a 9465 for 1365 of taxes I owe. What are the interest and penalty charges?
Country/State/Province of question: pa
hi from just answer.
hi. Did you file the return yet?
Penalty for late payment of tax is 5% per month up to a total of 25% max.
it is an amended return. I didn't file the 1040x yet
what about if I file a 9465?
Generally, interest is charged on any unpaid tax from the due date of the return until the date of payment. The interest rate is determined quarterly and is the federal short-term rate plus 3 percent. Interest is compounded daily. If you file a return but don't pay all amounts shown as due on time, you'll generally have to pay a late payment penalty of one-half of one percent of the tax owed for each month, or part of a month, that the tax remains unpaid from the due date, until the tax is paid in full or the 25% maximum penalty is reached.
Filing the request for terms to pay does not relieve any interest or penalties. You can request relief, but that is done differently.
Tax professional and business consultant for 30 years.