Cary North Carolina online Form 5500 - Schedule I 2018-2024

Cary North Carolina online Form 5500 - Schedule I: What You Should Know

SUBPOENA AND PENALTIES No matter how well you comply with the federal income tax rules, or how much you might be over the applicable tax rate, if you fail to file timely or do not pay any tax due, the IRS could take penalties, and even prosecute you for failure to file. Please review the following information closely and make sure you understand it completely. It is important to know what the penalties are, the consequences of noncompliance, and whether you will pay penalties or prosecution. For the information contained below, please review the following: For information about penalties, penalties for failure to file, penalties for failing to pay income tax, and penalties for filing late, please review:  The IRS provides penalties for failure to files a tax return or pay an amount due. If you do not file any return or pay the tax that is due for a year, you will face: Penalty for Failure to File An Individual Income Tax Return (See the “Failure to File Penalty for Individual Tax Returns” on the IRS website for details.) A civil penalty of 30,000 for the first failure and 10,000 for each additional failure; a total penalty of 50,000, or 3 times the amount of tax you owe. If you fail to pay income tax after you have fully completed all forms and schedules, the penalty will be: Failure to File a Corporate Partnership or a Sole Proprietorship Tax Return (See the “Failure to File Penalty for Corporate Partnership or Sole Proprietorship” on the IRS website for details.) An administrative penalty of 100,000 for the first failure, 50,000 for each failure in 2 years, and 25,000 for each failure in 3 years; a total penalty of 250,000 for 3 years, or 350,000 in the aggregate for 3 consecutive years. For the first 3 consecutive years, you may also have to pay back wages already paid to you. If you fail to pay your tax or withholding as and when due, we will refer you to the IRS for an order to pay, or to jail. The penalty for failure to file a Partnership Income Tax Return (see the “Failure to File Penalty for a Partnership Tax Return” on the IRS website for details.

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