Hurricane extension missed

[user17581249623]

If took a hurricane extension in 2023 that allowed return to be filed in May 2024 but did not complete return and no tax bill expected, will there be a penalty on a return filed late with nothing owing? Is answer same for partnerships and corps?

[Katie-P]

Taxpayers who file late are not assessed a failure to file penalty if there is no tax due shown on their individual income tax return. The same usually applies to corporations. 

On the other hand, there is a late filing penalty for partnerships and S-corps. These penalties have base penalty rates that climb depending on how late the tax return is filed.

Here is an IRS guide that discusses the failure to file penalty in greater detail:

Failure to file penalty