The Internal Revenue Service urges taxpayers who owe tax and have not filed their 2018 return to act before Friday, June 14, before a larger penalty kicks in.
The failure-to-file penalty is assessed if there is unpaid tax and the taxpayer fails to file a tax return or request an extension by the April due date, the IRS said in a June 7 announcement.
This penalty is usually 5 percent of tax for the year that’s not paid by the original return due date. The penalty is charged for each month or part of a month that a tax return is late. But, if the return is more than 60 days late, there is a minimum penalty, either $210 or 100 percent of the unpaid tax, whichever is less.
Many taxpayers delay filing because they are unable to pay what they owe. Often, these taxpayers qualify for one of the payment options available from the IRS.
For more information, go to irs.gov