If you do not complete your taxes by the due date, or worse not file at all you will be facing a significant interest and tax evasion penalties. A failure to file (FTF) is addressed by the IRS at a rate of 5% a month or partial month of up to a maximum 25%. A failure to pay (FTP) is addressed with a 0.5% per month or partial month up to 25% maximum. If you are penalized for both then the FTF is reduced by the FTP penalty.

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