No Pay on April 15th?

[pimentoLoaf]

Let's see ...

I can file an extension for the paperwork, but ...

What are the penalties for filing late AND paying late?

Hypothetical question, as I e-Filed everything two days ago.

 

[Surely]

I believe:

Filing late is a 5% penalty per month (up to 25%).

Late payment is a 0.5% penalty per month for 50 months.

An extension excuses the taxpayer from the 'failure to file' penalty, not from the 'failure to pay' penalty.

 

[gmanterry]

My understanding...

In 2007 I had to file late. I files in August, instead of April. I was due a refund from bothe the Feds and the State. Seeing as I owed no money there was no penalty. I was told that if I had owed taxes there would have been late fees and penaltys on the unpaid balance.

Terry

No, I'm not with the IRS.

 

[pimentoLoaf]

... Late payment is a 0.5% penalty per month for 50 months.

So ... if it's payed within two months, the penalty extends ONLY for those two months, right?

Or is the penalty assessed continually UNTIL the 50 month timeframe is up?

 

[Surely]

So ... if it's payed within two months, the penalty extends ONLY for those two months, right?

Or is the penalty assessed continually UNTIL the 50 month timeframe is up?

No, the penalty period ends once you pay up.

 

[Sun Baked]

If you can't pay it, you cannot pay it.

But do file.

Then run and hide from them for 10 years, and when you come out of your cave you won't have to pay.

Otherwise the letters IRS and OIC will become well known, and you really won't need to worry much until they file a lien -- though you'll need at least 3 years to write it off in bankruptcy, and keeping a car or bank account will be hard until you can write it off.

 

[OscarTheGrouch]

Let's see ...

I can file an extension for the paperwork, but ...

What are the penalties for filing late AND paying late?

Hypothetical question, as I e-Filed everything two days ago.

Most people don't realize that only the filing date is Apr 15th. Unless they have changed it, the PAYING date is not until sometime in May- I think..