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IRS Penalties For Tax Mistakes Rise By 33pc

Source: https://tax-news.com/news/IRS_Penalties_For_Tax_Mistakes_Rise_By_33pc____75025.html - Aug 18, 2017

The number of US taxpayers penalized by the Internal Revenue Service for making mistakes or underpayments at quarterly tax-filing intervals has increased by a third over the past decade.

The number of penalties levied by the IRS rose from around 7.2 million in 2007 to around 10 million in 2016. Data from the IRS Data Book for 2015 and 2016 was analyzed by the Wall Street Journal, which calculated in the issuance of penalties by 40 percent of a five-year period, and the Washington Post drew attention to the 33 percent rise that occurred over the ten fiscal periods to 2007.

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Category: General Business