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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.
If you pay less than the required amount in estimated taxes, or if you pay taxes late, you may also owe a Failure to Pay Penalty. This penalty may be .5% per month. For example, if you owe $1,000 in back taxes, you may owe a penalty of $5 for every month your payment is late. This is in addition to interest. The IRS sometimes forgives or abates a penalty if you can show good cause for paying less than the required amount or paying late. You will still owe interest, however.