Overview

• The IRS reminds taxpayers to file their returns and pay as much as possible by April 15 to avoid significant penalties, including a 5% monthly late filing penalty.
• Payment plans are available for those unable to pay in full, with short-term and long-term options based on the total balance owed.
• Filing an extension provides extra time to submit returns but does not extend the April 15 deadline for paying taxes owed.
• Interest on unpaid taxes accrues at 7% annually, compounded daily, and late payment penalties are 0.5% per month on the outstanding balance.
• The IRS warns taxpayers to remain vigilant against scams, emphasizing that official communications are conducted via mail, not phone, text, or social media.