Taxpayers who may have missed the filing deadline can still file their taxes as soon as possible if they wish to avoid a hefty fine. The Failure to File penalty fines taxpayers who missed the tax filing deadline, which for this year was on April 18.
The Failure to File penalty fines taxpayers who missed the tax filing deadline, which for this year was on April 18. If a taxpayer fails to file within 60 days after the deadline, they are penalized with a fine of either $435 or 100% of the tax required to be shown on the return, whichever is less, according to the Internal Revenue Service.Taxpayers who are late to file but are within the 60-day window will still be fined, though not nearly as severely as filing after the 60-day deadline.
The Failure to File penalty differs from the IRS's Failure to Pay penalty, with the latter being for taxpayers who fail to pay the taxes reported on their tax return by either the due date or an approved extended due date.
The IRS will send a notice or letter to a taxpayer if they owe the Failure to File penalty. If the taxpayer wishes to dispute the penalty, they can do so by calling the toll-free number at the top right corner of the notice or letter the taxpayer received.When disputing the penalty, taxpayers should have on hand the letter the IRS sent, the penalty the taxpayers want the IRS to reconsider, and an explanation for every penalty on why the IRS should reconsider.
Though the tax filing deadline was set for April 18 for most this year, the deadline has been pushed back in several states, including areas in California, Georgia, and Alabama, in response to severe weather. The most recent state to be granted a delay is Indiana, with several counties having until July 31 to file various taxes.
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