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Hawaii Form 1120-H: What You Should Know

Filing and payment of U.S. federal income tax.   Consequences of failing to file the tax return may be different for each tax year you have not filed. Failure to file also may result in the entity not paying tax due to the IRS. These  are the consequences of failure to file the U.S. income tax return: Interest and penalties: If you fail to file the form, you will owe the U.S. Internal Revenue Service(IRS) interest at the rate of 1% per month, compounded monthly, on amounts due until payment of the amount is made. The maximum interest charge for a delinquent return is five percent per month for a period of 12 months or the greatest of 50% of the late payment tax and 50 per day. The court may assess a civil penalty of 15 per tax period. Other penalties and penalties may be available as well, depending on the circumstances of the case. Payment on tax due: Taxes are due on the date the return is filed with the IRS. If the return is not filed within the due date, you may be required to pay the amount owed. If the return is not timely filed, or is filed for any tax period during a period of bankruptcy. Payment must be made in U.S. currency unless the payment is made pursuant to an agreement or by the electronic transfer of funds from an IRS account or a tax refund. If you are responsible for paying your association's tax, or you owe tax, and we receive written evidence that you have done so, we have the right to delay the collection of the tax for a reasonable period until we become aware of and approve the payment. If the association pays tax by other means, and we receive written evidence that this tax was paid in full, we have the right to pay the tax, in whole or in part, on the date you have agreed to pay. When the collection of taxes is delayed through the use of the waiting period, you agree not to challenge the payment and tax collection until the time the waiting period expires. If we receive a written agreement or a certified or facsimile confirmation of payment for tax owing other than that set out in paragraph 5 above, we must be satisfied that you have paid the tax in full.

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