[Event] Ask the Experts: Extension Filers

IRS publishes penalties and interest that may be assessed to individual or corporate taxpayers.

Penalties

IRS charges various penalties, including the following if you don’t:

• File your taxes on time.
• Pay any tax you owe on time and in the right way.
• Prepare and file an accurate return.
• Provide accurate and timely filed information returns.

Below are links to some of the penalties and the penalty amounts. To see a list of additional penalties, visit Penalties.

• Failure to file when you don’t file your tax return by the due date.
• Failure to pay when you don’t pay the tax you owe by the due date.
• Underpayment of estimated tax by individuals when you don’t pay estimated tax accurately or on time.

Quarterly Interest Rates

IRS publishes current and prior years interest rates for individuals and businesses to calculate interest on underpayment (balance due) or overpayment (refund) balances.

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