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

Modified on Wed, 24 Jan 2024 at 12:40 PM

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.

 

This content is provided for informational purposes only and should not be construed as tax, legal, financial, accounting, or other advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need advice specific to you.

 

Any third-party links are provided for informational purposes only. The third parties and their sites are not endorsed by Beem and Beem is not responsible for, and has no control over, their content, privacy policies, or terms of service.

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