Interest, yes. penalties, no. Although, to be fair, the IRS charges a remarkably reasonable interest rate.
I have advised people in the past to put the amount that you owe into a savings account. You will earn more interest than you owe the IRS. Then, when the IRS gets around to sending your letter, you pull the money owed out of savings and send it.
If you pay the amount due right now you run the risk of the IRS system deciding that you need a refund and mailing you a check. Which you then need to negotiate and send back.
@freddytax
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