Is it too late to file your tax return? Let us do the math . . .
Starting in 2023 the IRS has started issuing a 50.00 late fee for all tax returns filed after April15th. Starting in 2023 the IRS has started issuing non filing penalties, the amount varies depending on how old the tax return in question is.
Here are the details:
When you file an extension this does not prevent you from owing the late filing fee.
Before as long as you did not owe a tax debt, you did not have to worry about a late fee if you filed before the extension date of Oct.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 (2) separate charges that can 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.
But the IRS will always want the interest paid before the account can be resolved and out of examination status.
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 you owe may be increasing weekly!