What is the IRS penalty for filing your tax return late?

The IRS calculates every late-filing individual case-by-case. Therefore there is no fixed sum to answer this question, however their calculation process can.


Once your tax return has been both received and accepted, the IRS will begin to calculate your penalties. The penalties are liable to additional interest and will be sent to you in a separate bill.


If you are receiving a tax refund there is no penalty. This is provided that you file within 3 years of your missed deadline. After 3 years, unclaimed tax refunds are forfeited and become property of the U.S. Treasury.


Those who filed an extension and paid any additional taxes owed are exempt from a late penalty if file by October 17 deadline.


A late filing penalty applies if you owe taxes and didn’t file your return or extension by tax-year deadline. This penalty still applies if you owe taxes, files an extension, but didn’t file your return by October 17th of year. The late filing penalty is currently 5% of the additional taxes owed amount for every month you return is late, up to a maximum of 25%. If you file over 60 days after due date, the minimum penalty is $135 or 100% of unpaid tax.


A late payment penalty applies to those who don’t pay additional taxes by deadline date, whether you filed an extension or not. The late payment penalty is 0.5% of the additional tax owed amount for every month the owed tax remains unpaid, up to a maximum of 25%

If you think you are late filing a US tax return contact us now

alistair bambridgeComment