Chen & Fogg
Certified Public Accountants
There are various ways that your tax situation can draw the attention of the IRS, and one of the surest is to underpay your taxes. The government looks at that underpayment as money owed to it, and can assess penalties, late fees and interest on that money just as if you did not pay at all.
If you have underpaid because you have not filed a tax return, it is best to do that. IRS problems become huge when they are ignored and allowed to accumulate. So don’t give up and accept more penalties because of one initial mistake. Once filed, there are many ways and reasons you could be punished for your underpayment. These vary based on whether it is determined that it happened due to a failure to pay,inaccuracies on your tax return or if the returns are deemed fraudulent or frivolous.
There are some special circumstances where you may qualify to have the penalties for your underpayment waived. Although that is rare, it is, as always, best to be proactive wherever your situation lies so that you can find the best way to get out from under the problems. Contact us today and let us help you find that way.
6300 W. I-40 Suite 102A
Amarillo, Texas 79106
Have Any Questions? Call (806)290-0850
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