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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2308
Experience:  IRS licensed Enrolled Agent and tax instructor
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I found out the IRS does not have records of my flied taxes

Customer Question

I found out the IRS does not have records of my flied taxes from 2010. How do I calculate penalties, and interests on $480?.
Thank you
Submitted: 6 months ago.
Category: Tax
Expert:  emc011075 replied 6 months ago.

Hi. My name is ***** ***** I will be happy to help you.

If you are not using a tax software that is capable to calculate the penalty for you, add 25% (nonfiling and nonpayment penalty) + 15% interest (about 3% per year since April 2011), $170. This will get you close. There are no calculators that will calculate it exactly and because of the interest compounding daily, most people usually let IRS calculate it for them.

Expert:  emc011075 replied 6 months ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

Expert:  emc011075 replied 6 months ago.

And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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