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You will probably face two types of penalties: one for not filing or efiling a tax return or extension on time, and one for not paying your taxes on time. The failure-to-file penalty is 5% of your balance due for every month (or part of a month) in which your taxes go unpaid.he failure-to-file penalty amount will be reduced by the amount you owe for failure-to-pay. The maximum amount you will owe for filing late will be 25% of your unpaid taxes. If you file more than 60 days late, your minimum failure-to-file penalty will be 100% of your unpaid taxes or $135 (whichever is smaller).
If you fail to file either a tax extension or a tax return by the proper filing due date (March 16, 2015 for businesses and April 15, 2015 for individuals), the IRS will impose interest and penalty charges on any Federal taxes owed.e will send your extension application (and tax payment) directly to the IRS. You can even login to our system and check the status of your extension any time of day. As soon as the IRS approves your tax extension, we send you a confirmation email â something you donât get if you file a paper tax extension.