Yes, unfortunately they do. Until it's paid, the penalties and interest will continue.
Sorry it's not better news.
Evan A. Nielsen is licensed to practice law in California and handles federal tax matters throughout the U.S. The information provided here is for educational purposes only and is not intended as legal advice for a particular matter. This response does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult an attorney.
They sure do. And they add up fast. You really need to see a tax attorney.
This answer does not establish an attorney-client relationship, Moreover, this attorney is Licensed to practiced law ONLY in LOUISIANA and answers to questions from other jurisdictions or states are meant to provide only general information. Users should contact a local attorney in their jurisdiction or state.
Absolutely. The sooner you can cure the underlying issue, the sooner the penaities will stop accruing. You should speak with an attorney to determine if you have an meaningful opportunity to negotiate away the penalties. Interest is not negotiable. As far as the interest goes, it will continue to accrue until the obligation and any accrued interest and penalties are paid.
Best of luck to you.
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