What is the IRS penalty if I miss the federal filing deadline?

Created by Shubha Bisht, Modified on Wed, 24 Jan 2024 at 12:40 PM by Shubha Bisht

The IRS late penalties and interest depends on when exactly you turn in the tax return after the deadline and make your payment. There are 2 different penalties:

Failure to File Penalty: charged for failing to file your tax return by the due date. The late payment is 5% of the unpaid taxes for each month or part of a month that a tax return is late, up to 25%.
Failure to Pay Penalty: charged for failing to pay your tax by the due date. The late payment penalty is 0.5% of the tax owed after the due date, for each month or part of a month the tax remains unpaid, up to 25%.

Are there any exceptions to these penalties?

In some cases, taxpayers may avoid the penalties if they can show reasonable cause for the failure to pay on time. Reasonable cause is determined on a case by case basis considering all the facts and circumstances of your situation.

There are also some exceptions to the general deadlines for filing a return and paying tax, such as being a member of the armed forces, working/living abroad and certain disaster situations.

Note: At this time, Beem is not supporting filing extensions though one can be filed with the IRS directly. If you filed an extension with the IRS using Form 4868, it is an extension of time to file your return, not an extension of time to pay.

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