Five Million Taxpayers Failed To File And Pay

late filing penalty

According to the latest data released by the IRS on Friday, April 21, 2023, more than five million taxpayers didn’t file their federal income tax returns on time. And without question, many of those will owe taxes. Following the failure to file tally, the Internal Revenue Service issued an alert urging those taxpayers who missed Tuesday’s April 18 tax-filing deadline to file as soon as possible. Otherwise, there may be consequences that could end up resulting in millions of Americans losing a lot of sleep.

If You Owe Taxes And Didn’t File

Taxpayers who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest which start to accrue right away. For struggling taxpayers unable to pay their tax bill, the IRS has several options available to help. If you haven’t filed or paid for more than just the 2022 tax season, we can help you get on the IRS’s good side again.

On the other hand, if the IRS owes you a refund, they don’t mind if you file late. And those who do file late and are owed a refund don’t receive a penalty. The IRS doesn’t mind owing you money which they don’t pay interest on even if they don’t pay you right within their stated timeframe. In this latest flurry of activity, the IRS reminded taxpayers who didn’t file in 2019 who are owed a refund that the time is running out to get that refund. They’ll go ahead and keep it if you don’t claim it.

Some Taxpayers Qualify For Extra Time To File And Pay Without Penalties

For 2022 tax returns due April 18, 2023, some taxpayers automatically qualify for extra time to file and pay taxes due without penalties and interest, including:

We Help Get And Keep Taxpayers Out Of Trouble With The IRS

There are few things as stressful as being in trouble with the IRS. Not filing your tax returns because you can’t pay your taxes is never a good idea, but this happens more often than you can imagine. Fear of not being able to pay is what gets most honest people into trouble. If you find yourself in trouble with the IRS, let us help you get out of the mess and the stress. Give our office a call today.

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