In addition to the penalties for failure to file or to pay, the IRS is allowed by Federal law to charge numerous other penalties.
A number of penalties are related to the accuracy of the information entered on your tax return. For instance, the IRS may penalize anyone who files a tax return filled with frivolous information or contains a substantial misstatement of the income tax owed. The penalty in such a case is $5000.
The penalty for failing to disclose financial assets that you have stashed overseas is 40 percent of any amount of tax that you have underpaid as a result.
Not all penalties are so costly. If you write a bad check in payment for your taxes,the IRS will charge you a penalty of $25 or 2 percent of the check amount whichever is greater.
