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 penalty for filing the return late is 5 percent of the unpaid taxes for each month (or for part of a month) that the tax return is late. If the tax return is more than 60 days late, the minimum penalty is the lesser of $135 or 100 percent of the unpaid tax. The maximum penalty is 25 percent of the unpaid tax. For example, if a taxpayer is 5 months late with filing their tax return, the taxpayer will be assessed the maximum penalty of 25 percent (5 months multiplied by 5 percent of the unpaid tax).