If there is a valid reason, keep any records that show why the totals do not match. Penalties and interest. There are penalties for filing a return late and paying or depositing taxes late, unless there is reasonable cause. If you are late, please attach an explanation to your return. In addition, there are penalties for willful failure to file returns and pay taxes when due and for filing false returns or submitting bad checks.
Interest is charged on taxes paid late at the rate set by law.
See Circular A for more information. If income, social security, and Medicare taxes that must be withheld are not withheld or are not paid to the United States Treasury, the trust fund recovery penalty may apply. This penalty may apply to you if these unpaid taxes cannot be immediately collected from the employer or business. The trust fund recovery penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, and paying over these taxes, and who acted willfully in not doing so. See section 7 of Circular A for more information.