What Happens If I Don’t File Tax Returns?
If you don't file your tax returns, the IRS can assess a failure-to-file penalty. The penalty is 5% of the unpaid taxes for each month or part of a month that a return is late. The maximum penalty is 25%. If you file your return more than 60 days after the due date or extended due date, the minimum penalty is $205 or 100% of the unpaid tax, whichever is less. In addition to the failure-to-file penalty, you'll also owe interest on any unpaid taxes. The interest rate is currently 5%.
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