Overview

• The official tax filing deadline for the 2024 tax year is April 15, 2025, with an option to request an extension until October 15, though payments remain due by April 15.
• The IRS has implemented new measures, including mandatory reporting for online sales over $600, increased penalties for underpayment, and required use of IRS PINs for electronic filing security.
• Failing to file on time triggers a failure-to-file penalty of 5% per month on unpaid taxes, which can compound up to 25%, along with accruing interest on unpaid balances.
• The IRS has reported a decline in early tax filings, receiving nearly 1 million fewer returns compared to the same period last year, amid staffing and funding challenges.
• Tax professionals advise organizing documents thoroughly, double-checking forms, and considering filing an extension to avoid errors and potential penalties.