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4w ago

IRS Urges Taxpayers to File by Deadline Despite Payment Challenges

With the April 15 deadline hours away, the IRS stresses filing to avoid penalties while offering payment plans and extended deadlines for disaster-affected regions.

Stock image/file photo: An IRS Form 1040 with U.S. Dollars.
The Internal Revenue Service (IRS) Building is seen on February 20, 2025 in Washington, DC.
A Service Center employee demonstrates the preparation of documents at the IRS Processing Facility on September 06, 2024, in Austin, Texas.
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Overview

  • Taxpayers face automatic penalties for late filing, with failure-to-file penalties reaching 5% of unpaid taxes per month, capped at 25%.
  • The IRS advises filing by April 15 even if full payment is not possible, as late filing incurs steeper penalties than late payment.
  • Payment plans, including short-term and long-term options, are available to help taxpayers manage unpaid balances over time.
  • Residents in disaster-designated areas across nine states, such as Alabama and Florida, have automatic filing extensions until May 1, with some areas granted later deadlines.
  • Electronic filing and payment methods are recommended to expedite processing, reduce penalties, and mitigate risks like check fraud.