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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.
Under Federal law, there is a time restriction on how long the IRS has to collect unpaid taxes. This time restriction is most commonly known as the statute of limitations. For most cases, the IRS has 3 years from the date the return was filed to audit a tax return and determine if additional tax is due. After the IRS determines that additional taxes are due, the IRS has 10 years to collect unpaid taxes. Most taxpayers can rest assured that after 3 years, it is highly unlikely that the IRS will attempt to audit them and assess additional taxes against them. However, there are certain exceptions to these rules.