There are 2 possible penalties when filing a tax return late.
Late File Penalty:
- The Failure to File penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. The penalty won't exceed 25% of your unpaid taxes.
Failure to Pay Penalty
- If you file a return but don't pay all tax owed on time, you'll generally have to pay a late payment penalty. The failure-to-pay penalty is one-half of one percent for each month, or part of a month, up to a maximum of 25%, of the amount of tax that remains unpaid from the due date of the return until the tax is paid in full.
If your return is over 60 days late, there's also a minimum penalty for late filing; it's the lesser of $485 (for tax returns required to be filed in 2024) or 100 percent of the tax owed.
If you do not pay taxes on time:
- Generally, interest accrues on any unpaid tax from the due date of the return until the date of payment in full. The interest rate is determined quarterly and is the federal short-term rate plus 3 percent. Interest compounds daily.
If you don't owe any taxes there is no penalty
https://www.irs.gov/payments/failure-to-file-penalty
https://www.irs.gov/taxtopics/tc653
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