The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Just wondering||Date: 4/21/2004 9:48 AM|
|Author: Jeanwa||Number: 71555 of 121572|
>>>>>>>>And what if the return shows that you are entitled to a refund?
>>>While I believe the IRS can still assess a late filing penalty, I have never seen it applied.
5% of the tax still owed.
5% of minus $100 (assuming a $100 refund) is a negitive number, so no penality.
The penality comes from late filing with an amount due the IRS, and I have never seen a situation where it wasn't assessed.
Anyone that has had a business and had to pay the fica and withholding and made their deposit one day late (or after 3:00 in the afternoon at some banks) KNOW how awful the penality can be!!!!!!!!!
Employer's have to pay the FICA and W/H thru a bank a check is not sent to the IRS.
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