Tax
How Much is a Late Tax Return Fine? Need to Know
By Eunice April 25, 2024
The IRS offers a 2-month grace period to file after the deadline (typically April 15th), extending it to June 15th.
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Miss the June 15th deadline? You'll face a failure-to-file penalty. It's 5% monthly, capped at 25% of your unpaid tax.
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The maximum penalty is capped at 25% of your unpaid taxes.
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The IRS also charges interest on unpaid taxes. The rate adjusts quarterly. As of April 2024, it's sitting at 4% per year (compounded quarterly).
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