You know, don't push the button, don't push the button, don't push the button, and then some socko finish. I was pleasantly surprised by how the book bobs and weaves and is a lot more active and entertaining that just that. MILD SPOILER, so don't tell your four year old.
The late payment penalty applies to any portion of your federal tax that remains unpaid as of the due date, typically the tax filing date. The IRS imposes a failure-to-pay penalty of one half of one percent for each month or part of a month that the tax goes unpaid.
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.