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Video instructions and help with filling out and completing irs interest rates for underpayment of taxes 2020-2021
Music we all know we're supposed to file a tax return every year but there are times when life gets in the way and believe it or not the Canada Revenue Agency does understand that and you can get some relief of any penalties or interesting my toe under something called the taxpayer Fairness Act the taxpayer Fairness Act is there to acknowledge the fact that there are times when you really can't file a tax return things like illness in the family private disaster like a fire at your home a death in the family things like that can actually get in your way you just can't file when something like that happens if you file a late return you will be assessed with penalties and interest however you can apply under taxpayer fairness to get some or all of those penalties or that interest removed from your return the taxpayer fairness form is actually pretty simple it asks who you are and what year you're looking at and ask you for details on why you couldn't file on time you can prthe details of what prevented you from filing when you wanted to file and any supporting documents that you think you might need like doctors notes insurance letters anything else that supports your claim but something happened in your life that got in your way generally the Canada Revenue Agency will recognize these things and after a period of review will send you a notice saying how much if any of your penalties or interest will be removed due to tax payer fairness Music.