You know, don't push the button, don't push the button, don't push the button, and then some socko finish. I was pleasantly surprised by how the book bobs and weaves and is a lot more active and entertaining that just that. MILD SPOILER, so don't tell your four year old.
The late payment penalty applies to any portion of your federal tax that remains unpaid as of the due date, typically the tax filing date. The IRS imposes a failure-to-pay penalty of one half of one percent for each month or part of a month that the tax goes unpaid.
In government-speak, thatâs the âindividual mandate penaltyâ or the âshared responsibilityâ fee. Youâll have to pay that penalty with your annual taxes in 2015. And, yes, the IRS is in charge of enforcement. Total penalty collections will be about $7 billion in 2016, the government estimates. For those who do not pay, the penalty can be taken out of any tax refund due.