"The fine for failing to file a return can reach 5% of the tax owed for each month of delay, up to a maximum of 25%. If the delay exceeds 60 days, the minimum penalty may equal the total amount owed or exceed $500."
"Even when it's not possible to pay the full amount of taxes owed, the first recommended step is to file a tax return. From there, the Internal Revenue Service can provide options for payment plans."
The U.S. tax filing deadline is April 15, with millions yet to submit their returns. Over 88 million forms were filed early, but many file last minute, risking mistakes and penalties. Nearly 63 million filers received refunds averaging over $3,500. Extensions can be requested using Form 4868, delaying filing to October 15, but not payment. Penalties for late filing can reach 25%, while late payment incurs a 0.5% monthly fine. Filing a return is crucial even if full payment isn't possible.
Read at english.elpais.com
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