IRC §6651, §6621 · Rev. Proc. 84-35

Late Filing & Payment Penalty

See exactly what the IRS will charge, and whether First-Time Abatement gets it knocked off.

Tax owed at original due date

Return type

Original due date

Actual filing date

Payment date

Number of partners/shareholders (1065/1120-S)

Clean compliance history past 3 years?

Extension filed by original due date?

Penalty + interest running total

Failure-to-file penalty §6651(a)(1)

Failure-to-pay penalty §6651(a)(2)

Interest §6621 (8% APR 2024)

Months late

Total owed today

Have our office request abatement for you

FTF = 5%/mo of unpaid tax, max 25% (§6651(a)(1)); reduced to 4.5%/mo when FTP runs concurrently. FTP = 0.5%/mo of unpaid tax, max 25% (§6651(a)(2)). Interest = federal short-term rate + 3% per §6621; ~8% APR for 2024 quarters. Partnership/S-Corp penalty = $245/partner/month for 12 months max (Rev. Proc. 84-35 may abate small partnerships). First-Time Abatement available if clean past 3 years. 689-331-5723 · info@zerofusstaxes.com