Over the past few years the IRS has made the use of penalties and fines a more prevalent tool to encourage compliance among taxpayers. This “stick” approach is in direct contrast to the “voluntary” philosophy built within our tax system. Here are a dozen of the more common penalties and fees. | |||||||||||||||||||
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Hopefully, by being aware of these common IRS penalties you can make sure they never apply to you or anyone you know. Sometimes when faced with these penalties you can request an abatement of the fine if you are a first-time offender.