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How Much is the IRS Late-Payment Penalty

IRS Late-Payment Penalty Accrues Monthly

Failing to pay your income taxes by the tax return deadline will automatically subject you to the IRS late-payment penalty. However, it’s important to understand that your obligation to file a tax return is separate and distinct from your obligation to pay income taxes. As a result, the IRS can impose two separate penalties concurrently if you also fail to file your return on time as well.

Beginning with the first day the balance of your income tax liability is overdue, the IRS will increase the amount you owe by one-half percent per month until you either pay the income tax in full or the IRS imposes the maximum cumulative penalty of 25 percent. However, the IRS will also charge you interest on a monthly basis during the same period the penalty is accruing. If you owe a significant amount of income tax, rather than ignoring it, you should consider requesting an installment agreement from the IRS. An installment agreement allows you to make monthly tax payments that you can afford. The other benefit of an installment agreement is that the IRS will waive the penalties while you are repaying the tax on a monthly basis. However, you will still accrue interest until you make your last tax payment.

Filing Your Tax Return Late Increases the Late Payment Penalty

The worst thing to do when you know you will be subject to the late-payment penalty is to not file a tax return on time. The IRS will charge you a separate penalty of 4.5 percent each month you fail to file your income tax return in addition to the one-half percent penalty for paying your tax late. The maximum penalty the IRS can impose for filing late is 22.5 percent, but it only takes five months to reach this maximum. Therefore, you are always better off filing a tax return on time even without enclosing payment; otherwise, it’s going to cost you almost ten times as much in penalties. Keep in mind that as your overall tax and penalty balance grows, the monthly interest charges grow with it.

Reference: Internal Revenue Code § 6651 (Late-Payment Penalties)