What Happens If You Miss the Tax Extension Deadline?
When you request a tax extension, you get an additional six months to get your return completed. If at all possible, get your return in by the tax extension due date of October 15, or at least as soon as possible thereafter. If you miss the tax extension deadline, you’ll incur penalties that are retroactive to the original tax due date of April 15 .
Remember, you must pay your taxes by the tax deadline or you’ll incur penalties. The tax extension deadline only applies to filing taxes, not paying any tax due.
Need more time to pay your taxes? You can request to pay your taxes in installments with an IRS payment plan. While it’s best to pay your taxes on time, setting up an installment agreement can help reduce further penalties.
The IRS will usually audit a tax return within three years after the return was filed. Learn more about IRS audit procedures from the experts at H&R Block.
IRS Notice CP01A is sent to assign an Identity Protection Personal Identification Number (IP PIN). Learn more about the notice and how to handle it from the tax experts at H&R Block.
If you don't file a required tax return, the IRS may prepare a substitute for return (SFR) for you. Read the IRS definition and more from H&R Block.
The startup tax or new business tax is a topic many new business owners shy away from. Our tax pros provide business tax tips so you don't get caught off-guard.