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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 IRS charges penalties to encourage voluntary compliance. Therefore, the IRS penalties can be excessive. The IRS penalty for late filing your tax return is up to 25%. The IRS penalty for paying IRS taxes late is up to 25%. For example, if you owe $10,000 of taxes from four years ago, the penalties would be $5,000.