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Penalties For Incorrect Tax Returns

There are, of course, strict penalties in place for those who incorrectly file their tax return, whether itu2019s a business or personal one, but the IRS will not assess a penalty if it owes you or your business, a refund. You can even claim your refund late by filing an amended tax return within three years, but if you owe money to the IRS and fail to pay because of an inaccurate tax return, then they may go ahead and assess penalties and interest.

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