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 February a 212 Petition for Compromise of Taxes Based on Inability to Pay 2020-2025

A 212 PDF 2020-2025 Form

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the next penalty is the failure to pay now this is half a percent so 0.5 percent of the unpaid taxes for each month that the return or the balance is not paid now this can go also up to a maximum of 25 percent and it goes again until that balance is fully paid if you incur both penalties at the same time failure to file and failure to pay instead of it being 25.5 every month they uh combine to a total of 25 so the failure to file penalty goes down to 24.5 percent and then there's the point five percent from the failure to pay overall if you have both of these going they can max out to a total of 47.5 of your unpaid tax balance that's a lot of money so this is why it's very important to avoid these penalties at least the failure to file like just file okay now these are the two main penalties that everybody gets

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