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LI Content – IRS Penalty Turns $7,000 Into $15,000
LI Content – IRS Penalty Turns $7,000 Into $15,000
LinkedIn Post — 2026-05-31
IRS Penalty Turns $7,000 Into $15,000
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May 31, 2026
You owed the IRS $7,000.
You waited.
Now you owe $15,000.
This happens because IRS penalties are automatic and stackable.
Late filing: 5% per month, up to 25%.
Late payment: 0.5% per month, up to 25%.
File AND pay late: up to 47.5% in combined penalties — before interest.
Interest runs at 4–6% annually on your balance AND your penalties.
Here is what most contractors don’t know: about 1 in 3 IRS penalties are eventually removed.
If you’ve had no penalties in the past 3 years, you likely qualify for First-Time Penalty Abatement — call 800-829-1040 and ask for it.
If you’re already past that point, there are formal options: appeals, Offer in Compromise (Form 656), or paying the balance and filing Form 843 to reclaim the penalty.
Don’t let this number keep growing.
Book a call: https://accountingsolutionsllp.com/appointment/
#IRSPenalties #ContractorTax #ConstructionCPA #TaxRelief #ConceteNumbers
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Disclaimer: This content is provided for educational purposes only and is not legal, tax, accounting, or financial advice. Every situation is unique, so consult your own attorney, CPA, or financial advisor before making decisions based on this information.