What is the penalty for filing late taxes?

IRS has no reason to reduce the amount owed if it is correct--and this includes accrued penalty and interest. If you don't have the ability to pay in full now the options are (as mentioned by others) an installment agreement that would pay it over time, an offer in compromise where you pay a lump sum that is as much as IRS can ultimately expect to get or you document the fact that you can't pay anything and the account is classified currently not collectible. If you can't pay in full now and the balance due is too high to ever pay, IRS will be filing a Notice of Federal Tax Lien that will knock 100 points off your credit score.

Depends. If you can prove that you were in the navy then, you might hace been given a special treatment by the IRS to file a little later. This can probably reduce the penalties and interest that you accumulate over time.

Depending on the amount, you can also settle the amount that you owe with them. You can file a paperwork to your service center and state what you can afford to pay. However, the thing is they charge a fee for this and it is not refundable.

My best suggestion is to set up a paynent plan with them and tell them exactly what you can afford. Keep up with the payments if you can and call them up if you have to miss a payment. Another thing is you can ask them to reduce the penalty for filing late.

They are willing to do so if you ask. Regardless, all of these can all be resolved over the phone with the IRS exxept for settling your debt. However, lan being on hold for awhile.

You can akso go to your nearest TAC office to help you out. Good luck.

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