Is it too late to file your tax return? Let us do the math . . .

Starting in 2023, the IRS began issuing a $50 late fee for tax returns filed after April 15th. Starting in 2023 the IRS has started issuing non filing penalties, the amount may vary depending on how old the tax return is

• Here are the details:

• When you file an extension this does not prevent you from owing the late filing fee.

Previously, taxpayers who did not owe taxes were generally not charged a late filing fee if they filed before the extension deadline of October 11th.

Now you will be assessed a non filing penalty if you do not file your tax return before the end of the tax period/year .

You will be assessed a non filing penalty if you have an extension and file your return after the extension deadline.

You will be assessed a late filing fee if you do not file on time and you do not have an extension.

You will be assessed a late filing fee if you have an extension and file your return after the extension deadline

These are two separate charges that may be added to your account that will cause a IRS debt/ balance due. When there is a balance due with the IRS, daily/weekly/monthly interest is added.

The interest starts on the expected date to the IRS is suppose to receive your return.

Requesting to have penalties and fee waives are available with the correct forms.

The IRS generally requires all interest and penalties to be paid before the account can be fully resolved.

So for those have unfiled tax returns or unresolved tax issues. Please make time to get all your filings current. And or make time to contact the IRS to check the status of your account.

The amount owed may continue to increase over time due to additional penalties and interest.