Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
The IRS has broken out some great news. Not really. The fines for filing tax returns have gone up. Here’s the shocker: currently the minimum payment for a turn in turn 60 days or more over is $215 or 100% of the amount required to be shown on the tax return. So if you owe $20,000, the fine can be $20,000. Under the new law, $215 is now increased to $330 or 100% of the amount required to be shown as tax on the return. It is not funny. Make sure you file your taxes on time or you file the extension and then file your taxes on time.
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