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Get Irs 720 2023
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As of 2021, the penalty for not filing Form 720 on time is 5% of the unpaid tax amount per month, up to a maximum of 25% of the total unpaid tax. Additionally, interest will accrue on any unpaid taxes, starting from the date the taxes were due. The interest rate is currently set at 0.5% per month, or 6% per year.
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