When Do You Get An IRS Late Penalty?
An IRS late penalty is applied when the tax returns are filed at any date after April 15th for that filing year. The normal rate for the IRS late penalty is 4.5% of the amount of tax owed for each month, or part of a month in the late penalty computation. In case the penalty remains due for over 60 days, then the smaller amount from $100 or 100% of the due tax is levied as the IRS late penalty.
