IRS Penalty Relief Information: Penalties Eligible for Relief – Failure to File Penalty (Part 1 – B)

The failure to file penalty applies if you don’t file your tax return by the due date (including
extensions).

Interest on a penalty
The IRS will charge interest on penalties.
The date from which the IRS will begin to charge interest varies by the type of penalty. Interest
increases the amount you owe until you pay your balance in full.

Avoid a penalty
You can avoid a penalty by filing and paying your tax by the due date. If you can’t do so, you can
apply for an extension of time to file or a payment plan.

Apply for an extension of time to file
If you need more time to prepare your tax return, apply for an extension of time to file. This does
not grant you an extension of time to pay. A payment plan can help you pay over time.

Apply for a payment plan
If you can’t pay the full amount of your taxes or penalty on time, pay what you can now
and apply for a payment plan. You may reduce future penalties when you set up a payment plan.

Next week TTT will explore Penalties eligible for relief – Failure to file (cont.)
(www.irs.gov – Penalties 10/8/24)) (TTT 021825)