Tax Dictionary – Past Due Tax Return
File all tax returns that are due, regardless of whether or not you can pay in full. File your past due return the same way and to the same location where you would file an on-time return.
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If you don’t file a required tax return by the due date, the IRS will charge you a 5% per month penalty for failing to file and a .5% per month failure to pay penalty on the balance due. Interest will also be charged from the day the return was due until the date it is paid in full. The IRS can also file a return for you, called a substitute for return (SFR). The IRS prepares the return based on information it has from employers, banks, financial institutions and other payers.
If you have a refund due, you must file your tax return within three years of the due date of the return or you will lose your refund.
Get the facts on the IRS tax debt settlement option called an offer in compromise (OIC). Read the IRS definition and get more insight from H&R Block.
Get the facts from H&R Block about the IRS payment plan called a partial pay installment agreement, which considers your full financial picture.
Get the facts from H&R Block about the three types of IRS audits: mail, office, and field audits. Learn how audits vary in complexity and when to get help.
Get the facts about IRS manager conferences, which may allow you and the IRS to come to an agreement, but remember to protect your appeal rights.