Taxpayers impacted by flooding incidents in Illinois and Alaska, who have a filing extension until October 31, 2023.
Individuals affected by flooding in Vermont, extended until November 15, 2023, to file.
Taxpayers recently impacted by natural disasters, such as the Maui fires and Hurricane Idalia, affecting parts of Florida, South Carolina, and Georgia. Residents in Maui County, Hawaii, and numerous counties in Florida, South Carolina, and Georgia have until February 24, 2024, to submit various individual and business tax returns.
Military members and others deployed in a combat zone typically have 180 days following their departure from the combat zone to file returns and settle any outstanding taxes.
Late Filing Penalty: The IRS may levy a penalty for late filing, which is typically 5% of the outstanding amount for each month or fraction thereof that your tax return is overdue, capping at 25% of the total amount due.
Increased Fee: If your return is over 60 days late, the minimum penalty increases to either $450 or the amount of taxes owed, depending on which is lower.
Late Payment Penalty: The IRS generally charges a late-payment penalty of 0.5% per month on any unpaid tax not settled by the filing deadline. This penalty can accumulate up to 25% of your unpaid taxes and will continue to grow until the amount is fully paid.
Interest: Interest begins to accumulate on your overdue tax bill right after the initial tax filing deadline in April. Therefore, if payment is still pending by October, the accumulated fees can be substantial.