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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53721
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I have a small business and have tax penalties that I have

Resolved Question:

I have a small business and have tax penalties that I have incurred in 2011. Are they deductable on my federal tax return?
Submitted: 4 years ago.
Category: Tax
Expert:  Richard replied 4 years ago.

Good afternoon. Pursuant to IRS Publication 17, tax penalties are not tax deductible on your federal tax return.

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Customer: replied 4 years ago.
Does the IRS keep track of the amount of penalties in a given year?
Expert:  Richard replied 4 years ago.
Yes...the IRS tracks penalties and interest charges on unpaid taxes.
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