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I am thinking about filing a 9465 for 1365 of taxes I owe. What are the interest and penalty charges?
Optional Information: Country/State/Province of question: pa
hi from just answer.
hello
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.
Experience: Tax professional and business consultant for 30 years.