Second, refunds and abatement of late filing penalties only applies to certain types of tax returns. The 1040 series of returns that individuals file is on the list (i.e., Forms 1040, 1040-C ...

Fact checked by Vikki Velasquez We've all been there. Life gets busy and filing taxes falls to the bottom of your list of ...

In addition to interest charged on any tax due, you could face separate penalties for both filing and paying late. The late filing ... IRS's "first-time penalty abatement" policy.

If your return is over 60 days late, the minimum penalty is the lesser of $485 or 100 percent of the tax owed. If you file your return ... relief is the first-time abatement because it is ...