How much does the IRS charge for filing late?

Question

I filed on 6/15 and owe approximately $550. I only sent them the amount owed but I know there will be penalties for filing late but I cannot find anything regarding the fees. Does anyone know this information??

Answer 1

Contrary to what Bostonia says, IRS does compound interest. On $550 for two months it won't be worth worrying about.

Answer 2

My guess is 5% a month.

Answer 3

The current rate of interest charge is 5 percent per month compounded daily.

Answer 4

The late filing penalty is 5% per month, capped at 25% total.  On top of that you will pay late payment penalties of 1/2% per month plus interest.  The interest rate is currently 1/2% per month.

Contrary to what another poster claims, the IRS does not compound interest.

In your case it crunches out to 12% total or $66.00.