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Penalties

   Also found in: Dictionary/thesaurus, Legal, Wikipedia 0.01 sec.
Penalties
For tax purposes, amounts that the IRS may assess at a statutory rate as an addition to a tax deficiency and interest. The tax Code provides for penalties for various infractions, such as underpayment of estimated tax, late filing of a return, late payment of tax, substantial understatement of tax, negligent or intentional disregard of rules, and fraud.


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