The term 'delinquent' refers to a financial obligation that is payable but overdue and yet unpaid. It can apply to various forms of payments, such as credit card bills, mortgage payments, and taxes. Delinquent accounts can lead to penalties and interest charges and might affect the credit score of the individual or entity responsible for the payment.
A delinquent return is a tax return that is not filed within the time prescribed by the Internal Revenue Code (due date). It may be subject to penalties based on the unpaid tax liability.
A frivolous lawsuit is a legal claim presented in court without substantial grounds or factual support. Such claims are considered a waste of judicial resources and can result in penalties for the party who files them.
A Notice of Default is a formal letter sent to a party in default to remind them of their breach of contract, potentially including a grace period to rectify the default and outlining any penalties for failing to cure the default.
Penalties for repeated errors are imposed to discourage consistent inaccuracies in tax filings or financial reports. These penalties serve as a deterrent for habitual mistakes and ensure compliance with legal standards.
Under-reporting is the improper failure to report accurate income on a tax return, leading to potential legal and financial consequences.
A violation refers to an act or condition that is contrary to law or the permissible use of real property. It often leads to penalties such as fines and legal actions.
