If you file your tax return(s) after the April 15 deadline and owe additional taxes, there will be additional penalties and interest due that is not calculated on your tax returns. Since the amount of penalties and interest is determined by when the tax authority receives your payment, we cannot know and cannot calculate the additional penalties and interest that will be due. You will receive a tax-due letter from each tax authority you owe with the calculated penalties and interest to the date they receive your payment.

If you file an extension, the extension is only for late filing, not for late payment of tax due. If you (or we) can determine how much tax due is remaining, you should make a payment with your extension to preclude or reduce your penalties and interest.

The penalties for filing and paying late (after the April 15 deadline) are significant. The IRS and most tax statescharge 5% per month of the tax due for up to 5 months, for a maximum of 25%, plus 1/2 of 1% per month therafter, plus interest on the total tax overdue and penalties.

The additional penalties and interest are the sole responsibility of the taxpayer.

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