Tax Penalty IRS

Internal Revenue Service or IRS is a government agency of US that deals with tax law enforcement and tax collection. As per the law of United States, every individual who earns more than a specified amount is liable to file and pay his or her income tax. Failure to do so would result in irs penalties. IRS tax penalty might range from money penalty to criminal prosecution depending upon the severity of offence. Individual who do not even file their income tax return repetitively is usually considered for criminal prosecution. In other cases, monetarily fine is imposed upon individuals. Defaulter would have to pay 5% of the tax amount for each month he or she has delayed the payment. A fine of $500 is taken for providing frivolous return statement or filing irs incorrect.