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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 122623  
Subject: Re: Just wondering Date: 4/21/2004 9:48 AM
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>>>>>>>>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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