The failure-to-file penalty is reduced by the failure-to-pay penalty for any month that both penalties apply.

Name: The failure-to-file penalty is reduced by the failure-to-pay penalty for any month that both penalties apply.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This is true according to the IRS guidelines. If both penalties apply for a particular month, the failure-to-file penalty will be reduced by the amount of the failure-to-pay penalty for that month.

The Failure-To-File Penalty Is Reduced by the Failure-To-Pay Penalty for Any