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1 The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%. 2  If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller. If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller. 2  Tip: The late filing penalty can be 10 times higher than the late payment penalty.
The late-payment penalty is one-half of one percent of the tax owed for each month it is unpaid. Every month you owe, the penalty amount increases by a half of a percent. So the first month the IRS will charge you a half percent of the tax due, the second month 1%, the third month 1.5%, etc.