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Notice 746 (Rev 12-2024) Information About Your Notice, Penalty and Interest

Notice 746 (Rev 12-2024) Information About Your Notice, Penalty and Interest-2025

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The document provides detailed information regarding interest rates, penalties, and procedures related to underpayment and overpayment of taxes. It outlines specific interest rates for various periods, conditions under which penalties may be removed or reduced, and the consequences of late filing or payment. Additionally, it explains the process for taxpayers to contest penalties and includes guidelines for handling erroneous advice from the IRS. The document serves as a comprehensive guide for taxpayers to understand their obligations and potential penalties associated with tax compliance.

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How to get the IRS to remove penalties and interest?

How to request interest abatement. To request we reduce or waive interest due to an unreasonable error or IRS delay, you or your representative must submit: Form 843, Claim for Refund and Request for Abatement PDF or. A signed letter requesting that we reduce or adjust the overcharged interest.

How much interest does the IRS pay on delayed refunds in 2024?

WASHINGTON The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning April 1, 2024. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily.

What is the penalty and interest on an IRS payment plan?

The IRS charges interest on the unpaid balance. Interest is calculated based on the federal short-term rate plus 3%. For the most current rates, consult the IRS interest rates. Along with interest, there is a late payment penalty of 0.5% of the unpaid balance per month.

What is the penalty for filing S Corp late in 2024?

Penalties for filing late S corporations that fail to file Form 1120S by the due date or by the extended due date face a $220 (for 2024) penalty for each month or part of a month the return is late. The penalty is multiplied by the number of shareholders.

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