IRS penalties for filing late?

What are the consequences of filing late? Do I lose the refunds?

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  • 9 years ago
    Favourite answer

    If you file a refund late you will still get the refund but it will be late. If you procrastinate more than three years from the due date of the return, you won't get it.

  • 9 years ago

    NOPE, you don't lose your refund, but they take the small penalty out of any refund due.

    So, stop procrastinating, and FILE.

    Starting in 2010, the IRS can assess a penalty EVEN if you are due a refund. Prior years there was no penalty if a refund was due. (some posters seem unaware of IRS changes)

    Source(s): tax pro
  • Judy
    Lv 7
    9 years ago

    You don't lose your refund unless it's more than three YEARS late - then your refund would be lost.

    If you have a refund coming, there's no penalty for being late.

  • 9 years ago

    penalties per tax return: 5% per month (maximum 25%), IF YOU OWED MONEY

    interest per tax return: US Treasury rates in effect during the period of time. (If you're owed, you get a refund with interest)

    You can't collect on any refunds owed to you for taxes due April 15, 2008 and prior (i.e., 2007, 2006, 2005, etc. tax years), but the IRS can collect on taxes you owed for these years if you didn't file taxes.

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  • 9 years ago

    If you file late and are due a refund you are home free. If you owe them then you will definitely hear how much and by when.

  • tro
    Lv 7
    9 years ago

    late filing could be 10% of your income tax liability, up to $500,

    if you have none altho it would appear there would be no penalty IRS can assess $100

  • Anonymous
    9 years ago

    For the 1040 (and 1040A, 1040EZ) returns, the penalty is based on what you owe, so if your return shows a refund, no penalty.

  • 4 years ago

    in case you do no longer owe, then there is no penalty. in case you do, you will possibly owe interest, plus failure to record outcomes, plus previous due fee outcomes. See booklet 17 (acquire at irs.gov), website 19 for element on the outcomes. on account which you're over 60 days previous due, the minimum penalty for previous due submitting is the smaller of $one hundred or one hundred% of what you owe.

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