There is a penalty for not filing taxes on time. The penalty for failure to file is generally 5% of the unpaid tax required to be reported on the return for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax due. If the return is more than 60 days late, the penalty can be at least $210.
The penalty may be waived if the taxpayer can show reasonable cause for not filing on time. However, this may be difficult to establish and a taxpayer should consult with a licensed attorney or tax professional for assistance.
Furthermore, failure to file taxes may also result in other consequences, such as interest charges and potential criminal charges for tax evasion. It is important to file taxes on time or seek assistance from a licensed professional to avoid potential penalties and legal issues.
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