Even if you can’t pay your tax bill, you can avoid excessive penalties by taking certain steps. The IRS recommends that you file your tax return or request an extension and pay what you can to minimize penalties and interest. Not filing will result in a failure-to-file penalty of 5% of the unpaid tax required to be reported, per month or part of a month. Returns filed more than 60 days after the due date (with extensions) are subject to minimum penalties, which can be significant. You’ll generally also be charged a failure-to-pay penalty, which starts at .5% of the tax reported but unpaid and depends on certain circumstance. Here are more details about penalties: http://bit.ly/3ejMWj0
