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IRS
The Internal Revenue Service, a U.S. federal agency responsible for the collection of taxes and enforcement of tax laws.
3%
An interest rate, tax rate, or other percentage that signifies a portion or rate out of a hundred.
Failure to File Penalty
A penalty imposed by tax authorities on taxpayers who do not file their tax returns by the due date.
Tax Liability
The total amount of tax that individuals or businesses are legally obligated to pay to a taxing authority.
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