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Late filing penalty if taxes all paid by October 15th

codeblue123
Level 3

Does making a tax payment on 10-15-2021 to cover all federal taxes due stop a late filing penalty?  This is assuming tax return was extended and not filed until after October 15th.  I have a client who owes taxes, but will not be ready to file on 10-15-2021.  If they make a payment on 10-15-2021 to cover the expected taxes due will they be charged a late filing penalty.  I know they will have a late payment penalty and interest.

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TaxGuyBill
Level 15

Yes. 

Well, I suppose there could be a late-filing penalty of $0.   🙂

Be aware that there are some elections that are required to be on a timely-filed tax return, so filing late could prevent those elections from being made.

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3 Comments 3
TaxGuyBill
Level 15

Yes. 

Well, I suppose there could be a late-filing penalty of $0.   🙂

Be aware that there are some elections that are required to be on a timely-filed tax return, so filing late could prevent those elections from being made.

George4Tacks
Level 15

Yes. Especially if the return is adjusted at some time in the future. 


Here's wishing you many Happy Returns
sjrcpa
Level 15

Late filing penalty plus late payment penalty and interest.


Ex-AllStar