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Ovdp faqs 31 through 33 Form: What You Should Know

What is the U.S. Income Tax Penalty? 5.1 How Does the IRC Section 6015 Tax Return Penalty Work? 5.2 If a taxpayer fails a section 6015 tax return as a result of a failure to pay required tax on time, how may that tax be recalculated? 4.42.2 Do I have to report all interest or dividends I receive?  What if I have received some of my dividends through a U.S. mutual fund and paid tax on those dividends? 5.1.1 How May the IRC Section 6015 Tax Return Penalty Apply? A section 6015 tax return failure is a failure to file timely on the applicable due date.  If the taxpayer has to file a section 6015 tax return within 60 days of the failure to file, he or she may be subject to a 5% penalty. The IRS has provided an effective date for implementing these penalty provisions. The effective date is January 6, 2006. A taxpayer who fails a section 6015 tax return as a result of a failure to pay required tax on time and file correctly, and the IRS determines that the failure was due to circumstances beyond the taxpayer's control, is not required to file on the due date; however, the taxpayer may, instead, be subject to a penalty to the extent payment would otherwise have been required under section 6015. The penalties may be as high as 15% of the tax that would have otherwise been imposed, plus interest at the prescribed federal rate. In calculating the penalty or interest, the amount imposed on the failure to file is to be determined at the prescribed penalty rate, in addition to any interest that shall be charged. The calculation does not include any interest that would have been charged that period had the tax not been due on the due date. Interest in the case of nonpayment of tax in a period where payment has been made. If the failure to pay taxes on a timely basis, after the due date, was attributable to circumstances beyond the taxpayer's control, interest on the underpayment of taxes is deductible as a business expense. Interest to the extent due is added to the tax on which the penalty is imposed. Interest is to the extent not deducted is included in the amount of the interest on any underpayment in the year under the section 6015 tax return failure.

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