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Video instructions and help with filling out and completing What Form 2220 Penalties

Instructions and Help about What Form 2220 Penalties

Hello everyone today's video discussion is going to be on the matter of certain penalties that the IRS imposes now there are a number of different penalties that the IRS imposes but I'm only going to speak of those that i think are commonly imposed penalties and those penalties are as follows the failure to file penalty the failure to pay penalty the underpayment of estimated tax penalty and the accuracy related penalty now I'm going to briefly touch on each of these different types of penalties just so that you can have an idea as to why that penalty was imposed against you if you actually got hit with one of those penalties okay so let's first discuss the failure to file penalty and that penalty is imposed for exactly what it sounds like failing to file your tax return by the due dates or if you filed an extension by the extension due date for individuals the filing due date is April fifteenth if you file an extension the due date is October 15 now of course if the 15th falls on a holiday or a weekend you have until that next business day that would be the deadline filing date for corporate filers the due date is March 15 and if you filed an extension the date is September 15 so now that you know the due dates there's no excuse for you not filing by those dates right right ok so again the failure to file penalty will be assessed against you if you fail to file your return and you have a tax liability that's due now if you're due a refund and you do not file that failure to file penalty does not apply again the failure to file penalty applies if you have...