File Your Taxes ASAP to Avoid Penalties
IRS Warns Taxpayers of Failure to File Consequences
File Now to Mitigate Penalties
Washington, D.C. - April 19, 2023 - The Internal Revenue Service (IRS) strongly encourages taxpayers who missed the April 18th tax-filing deadline to file as soon as possible. Late filing can result in significant penalties, and filing for an extension does not extend the deadline for tax payment. "Filing your tax return late can lead to unnecessary penalties," said IRS Commissioner Chuck Rettig. "We understand that life happens, and we want to help taxpayers who need more time to file. But it's essential to file as soon as possible to avoid the potential consequences."The IRS calculates the Failure to File penalty based on how late a tax return is filed and the amount of unpaid tax as of the original payment due date. An extension to file does not extend the time to pay taxes. Taxpayers should estimate and pay any taxes owed by the due date to avoid penalties.
Taxpayers can avoid penalties by filing accurate returns, paying their taxes by the due date, and furnishing information returns on time. If they are unable to meet these requirements, they should consider filing for an extension, which may help them avoid the Failure to File penalty while still allowing them to file their taxes late.
The IRS provides several resources to assist taxpayers with filing their taxes. Taxpayers can visit IRS.gov for forms, instructions, and other helpful information. They can also call the IRS at 1-800-829-1040 for assistance.
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