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June 1, 2019
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I entered bank account number incorrectly. Received letter from IRS two weeks after due date indicating RETURN: INVALID ACCOUNT NUMBER STRUCTURE. What is ~2 week penalty?

  • June 1, 2019
  • 2 replies
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How are late penalties determined and how do I pay them?
Best answer by DoninGA

The IRS will send you a bill in the mail for the penalties.  

See this IRS Tax Topic for penalties - https://www.irs.gov/taxtopics/tc653.html

2 replies

DoninGA
DoninGAAnswer
June 1, 2019

The IRS will send you a bill in the mail for the penalties.  

See this IRS Tax Topic for penalties - https://www.irs.gov/taxtopics/tc653.html

June 1, 2019

For a two week delay in payment the penalty would be 1/2 of 1% (e.g., for a $1,000 balance due it would be $5.00)