Tax

How Much is a Late Tax Return Fine? Need to Know

The IRS offers a 2-month grace period to file after the deadline (typically April 15th), extending it to June 15th.

Image Credit: Freepik

Miss the June 15th deadline? You'll face a failure-to-file penalty. It's 5% monthly, capped at 25% of your unpaid tax.

Image Credit: Freepik

The maximum penalty is capped at 25% of your unpaid taxes.

Image Credit: Freepik

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).

Image Credit: Freepik

Let our experienced Tax accountants help you navigate the process!