2006-12-06 16:43:45 · 4 answers · asked by ooh la la 1 in Business & Finance ➔ Taxes ➔ United States
If you are filing now, and owe tax for 2005, the late filing fee will be either $100, or 100% of the tax you owe, which ever amount is smaller.
http://www.irs.gov/taxtopics/tc653.html
You will also owe a penalty for paying late, and interest on the unpaid balance.
Penalties and interest can easily increase the amount you owe by 25% or more.
You can petition the IRS for late filing fee abatement, if you had just cause for filing late. If you are due a refund, there is no penalty for late filing. You have 3 years to file and claim your refund.
2006-12-06 21:04:50 · answer #1 · answered by AngeloElectro 6 · 1⤊ 0⤋
The late filing penalty is 5% per month to a maximum of 25% and the late payment penalty is 1/2% per month and runs concurrently with the late filing penalty. There will also be interest on the amount due computed from April 15th until you pay. Themaximum penalty and interest that would be charged is 50%.
All of the above only applies to the amount due with the return. If you are due a refund then none of it applies.
2006-12-07 06:19:03 · answer #2 · answered by waggy_33 6 · 1⤊ 0⤋
NO PENELTY YOU HAVE UP TO 3-6 YEARS TO FILE W2'S
2006-12-07 01:31:45 · answer #3 · answered by g02082006 1 · 0⤊ 3⤋
It depends on what you owe. If you don't owe anything or are due a refund, then there isn't a penalty. If you owe money, then there will be.
2006-12-07 01:12:11 · answer #4 · answered by Judy 7 · 0⤊ 0⤋