According to the taxation laws in United States, it is mandatory for individuals, companies, trusts and organizations to file their income tax returns every year within the due date which is April 15. In case the returns are not filed before the stipulated time, the IRS has the right to penalize the taxpayers for the late filing or non-filing of returns.
The Internal Revenue Service in United States which is responsible for the collection of taxes also imposes many types of penalties on taxpayers. These penalties come into play when some situations arise such as non-payment of tax after the due date. In a similar way, the IRS implies penalties associated with accuracy according to the tax laws in the country.
It often happens that people miss out on filing tax returns within the due date because of some or the other reason. In such cases where a person fails to file the required income tax or excise returns, the Internal Revenue Service charges a penalty to the taxpayer. Out of the many different penalties that can be applied by the IRS, penalty for late filing of tax returns is one.
The Internal Revenue Service which is responsible for the collection of taxes also initiates penalties at the Federal level. The imposition of penalties which have been specified in the Federal Tax law is the responsibility of the IRS. Out of the many types of penalties that apply to the tax payers in various situations, the late tax payment penalty and under estimation of taxes are some.
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