What are the penalties for filing a federal tax return late?
here is a section from the IRS website www.irs.gov Hope this helps. Penalties and interest do not apply in years in which a taxpayer is entitled to a refund. About a third of those who file returns for past years discover they have a refund coming. Penalties and interest apply to years in which money is owed. The interest charged on late payments changes quarterly. During the last several years the interest rate has ranged from a high of 9 percent to a low of 4 percent. Filing Late Penalty The penalty for filing late is generally 5 percent per month, or part of a month, up to 25 percent of the amount of the tax shown due on the return. Paying Late Penalty The penalty for paying late is 1/2 of 1 percent per month, up to 25 percent of the unpaid amount due.
