The IRS recently announced that taxpayers who owe tax and did not file their 2018 returns before Friday, June 14, 2019 will be subject to increased late filing penalties. penalty kicks in. The failure-to-file penalty is assessed if there is unpaid tax and the taxpayer fails to file a tax return or request an extension [...]
A common misperception for taxpayers is that by refraining from filing, they will buy themselves time to pay their taxes with the IRS. While this may have some truth to it, taxpayers that fail to file in a timely manner are exposing themselves to significant penalties. That exposure may not be worth the temporary reprieve [...]