Initially, the IRS sends a notice indicating the amount due. Ignoring this notice leads to accumulating interest and penalties on unpaid amounts.

Not sure if a DIY or professional tax resolution is more appropriate for your situation? Here's what to consider.

You might initially receive a notice from the IRS stating that you owe additional taxes. If you ignore this notice, interest and penalties will begin to accumulate on the unpaid amount.

Why It Matters Many people struggle to pay their taxes on time, which can lead to significant financial and legal consequences, including penalties and interest on the unpaid amount.

If you file a return but fail to pay any taxes you owe, or if you get an extension, you typically face a much smaller monthly penalty of 0.5% of any unpaid amount.

Additionally, you’ll be charged interest on any unpaid amounts, plus penalties. The interest rate for individual taxpayers is the federal short-term rate plus 3%.

A month after Chef Barbara Lynch announced she would close all of her remaining restaurants, the City of Boston sued her for unpaid taxes.

Augusta, which is facing $1.8 million in unpaid ambulance bills, is considering for the first time sending bills to a collection agency.

Does it cost extra to file an extension on taxes? There's no penalty for filing a tax extension with the IRS, but not paying the full amount owed can lead to charges on the unpaid balance.

The deadline to file your taxes is less than a month away. Need more time? Here's how to file for an extension with the Kentucky Department of Revenue.

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