Don't panic! At Life Plan Business Solutions, we understand receiving a letter in the mail from the IRS can be scary! We help individual tax payers and business owners resolve IRS and State tax notices.
Often our clients come to us with tax problems... but Life Plan Business Solutions views your "problem" as a "challenge"- and a challenge we're ready to take on and help you resolve! Life Plan can help get you back in good standing with the IRS!
Often people do not file their taxes because they cannot afford to pay their tax bill. Its is important to know the penalties for not filing a tax return grow much faster than the penalties for not paying. Life Plan Business Solutions can file your unfiled taxes and establish an IRS or State payment plan.
This is the steepest penalty the IRS charges for unfiled tax returns. The penalty is currently 5% of the total balance for each month that has passed since the due date of the return up to a maximum of 25% of the total balance.
The annual interest on unpaid balances is 4%. Interest is updated on a quarterly basis, so depending on when you are reading this it may be a bit more or a bit less than 4%.
This penalty is 0.5% of the total balance for each month that has passed since the balance was due
The IRS can also fine taxpayers up to $25,000 and 1 year in prison for each unfiled tax return
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230 2nd St, Suite 501, Henderson, Kentucky 42420, United States
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