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A few weeks ago the Internal Revenue Service (IRS) began issuing the Plus-up payments, at the same time, that the federal agency is still delivering the third stimulus check, and tax refunds.
But who has not declared and paid your taxes corresponding to the 2020, which must be presented this year, will not be able to receive any of these benefits, so it can be a serious blow to the family economy.
You should not lose sight of the fact that the IRS has a deadline of of December of this year to finish sending the checks corresponding to these three aspects. So far six rounds of the third stimulus check , there are many more to go.
Since before the tax season started, the IRS urged Americans to file their returns , since by doing so they could receive the third stimulus check as soon as possible.
Even, the agency has been emphatic in saying that it should be avoided “The loss of future refunds. Part or all of any refund ”, since of not covering the debt , the refund is first used to pay back taxes. ”
The big problem for those who you did not file your annual return, plus you could practically run out of stimulus checks and Plus-up payments, you will face two possible fines, one for filing taxes late and the other is for paying late .
In 2018, by For example, taxpayers who filed their tax return 60 days late, received a minimum fine of $ 100 . If the tax due is less than $ 210, is the 100% of unpaid tax.
Otherwise, the penalty can be up to 5% of unpaid tax per month up to a maximum of 25%. There is no penalty if the taxpayer is owed a refund.
Don’t forget that Plus-up payments are designed for supplement the money they did not receive in the third stimulus check , plus the amount depends on your annual adjusted gross income (AGI).
If the IRS did not give you your third full stimulus check and your AGI decreased in 2020 compared to 2019 you are a suitable candidate for this plus-up payment and, of course, you should demand it. But if you have not declared or paid taxes, you probably will not receive it .
Therefore, it is recommended that in case you are in this situation, you approach your office nearest IRS to reach an agreement and achieve, first, a lesser penalty and then avoid running out of outstanding payments.
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