by Matthew Wildes, JD, CPA | Aug 14, 2026 | Tax Penalties & Relief
Read Time:7 Minute, 10 Second When a tax balance goes unpaid, the IRS does not simply hold the number steady while collection proceedings unfold. Interest begins accruing the day after the original filing deadline, it compounds every single day, and it applies not...
by Jon Call, EA | Jul 28, 2026 | Tax Penalties & Relief
Read Time:10 Minute, 5 Second You filed your return, the IRS audited it, and now there is a penalty on top of the extra tax they say you owe. That penalty is almost certainly the substantial understatement penalty under IRC § 6662, a 20% add-on that shows up...
by Matthew Wildes, JD, CPA | Jul 23, 2026 | Tax Penalties & Relief
Read Time:8 Minute, 21 Second The IRS underpayment penalty applies when you have not paid enough tax throughout the year through withholding or estimated payments. It is not a late-filing penalty. It is not a failure-to-pay penalty. It is a separate charge under IRC...
by Jon Call, EA | Jul 21, 2026 | Tax Penalties & Relief
Read Time:6 Minute, 18 Second If you owe taxes and did not file your return on time, you have two separate problems. The one most people ignore is the more expensive one. Failure-to-file and failure-to-pay are different penalties, calculated differently, and they can...
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