The Cost Of Filing Late: What Happens When You Miss IRS Deadlines

Episode Summary Attorney Lance Drury examines the high cost of missing IRS filing deadlines, detailing the failure-to-file and failure-to-pay penalties, interest rates, and potential IRS enforcement actions. The episode provides practical strategies for timely tax compliance, avoiding penalties, and addressing unfiled returns, offering essential guidance for individuals and small business owners facing tax challenges. Key Timestamps 00:00 - Show Introduction and Welcome 01:30 - Consequences of Missing IRS Deadlines 04:00 - Failure-to-File vs. Failure-to-Pay Penalties 07:00 - Escalation of Penalties and Interest 10:00 - Risks of IRS Enforcement Actions 13:00 - Waiving Penalties Through U.S. Tax Court 16:00 - Impact of Late Filing on Refunds 19:00 - Overcoming Fear of IRS Compliance 22:00 - Conclusion and Call to Action About the Show Resilience and Resolve is a podcast dedicated to empowering individuals and small business owners to tackle IRS challenges with confidence. Featuring attorney Lance Drury, the show provides expert insights into tax resolution, penalty abatement, and compliance strategies, helping listeners protect their financial future.