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The CPA Group, P.C.
4267 Canal Avenue SW
Grandville, MI 49418
Phone: 616-538-0460
Website: www.thecpagroup.com
March 2023
March 2023 Q and A
QUESTION:
What happens if I file my tax return late?
ANSWER:
If you don’t file for an extension using Form 4868, which pushes your filing deadline to October 15, filing your income return late comes with a 5% Failure to File Penalty if you owe tax. The penalty is calculated for each month or pro-rated for partial months that the return is late. And the IRS charges interest on penalties until you pay your balance in full.Depending on your situation, you may apply for a penalty abatement to have your fines reduced or eliminated.
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