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There's maxim failure to file and failure to pay, each up to 25%. There's no limit on failure to make timely deposits and interest. You may request abatement of penalties (but not the interest) if you have a reasonable cause. Here are some common examples:
1. Death or serious illness of a taxpayer or death or serious illness in his/her immediate family;
2. Unavoidable absence of taxpayer;
3. Destruction by fire, other casualty or civil disturbance of a taxpayer’s residence, place of business or business records;
4. Inability to obtain records;
5. The taxpayer mailed his/her return or payment in time to reach the Internal Revenue Service office within the prescribed time period with the normal handling of the mail. Through no fault of the taxpayer, the return was not delivered within the prescribed time period.
6. Reliance on erroneous information (written or oral) from an employee of the Internal Revenue Service. The IRS’s failure to provide the taxpayer with requested information/forms necessary for filing/paying.
7. Reliance on erroneous advice from a competent tax advisor.
But if the IRS determine that your actions were willful, that you will be also looking at trust fund recovery penalty. But it is not very common.