IRS Advises Taxpayers on Steps to Mitigate Penalties After Missing April 15 Deadline
Taxpayers who missed the April 15 tax deadline are advised to file their returns as soon as possible to avoid accruing further penalties and interest. According to Mark Steber, chief tax officer at Jackson Hewitt Tax Services, filing immediately can help eliminate the failure-to-file penalty, which can reach up to 25% of any tax owed. The IRS imposes multiple penalties, including failure-to-file, failure-to-pay, and underpayment penalties, which accrue interest daily. Taxpayers are encouraged to pay as much as they can and consider applying for a payment plan to manage any remaining balance. The IRS offers online applications for payment plans, with most applicants receiving immediate approval or denial. Consulting a tax professional early can help taxpayers navigate their options and potentially reduce the total cost of penalties and interest. 
