Today is the tax deadline—here's what happens if you don't file

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Today is the tax deadline—here's what happens if you don't file (via CNBCMakeIt)

Tax season is much later than usual this year. In March, the IRS announced that the federal tax filing deadline, which is typically in mid-April, would beThe move, made in response to the coronavirus pandemic, gave Americans an extra three months to file their 2019 returns without incurring interest or penalties.

Today marks the new deadline, and if you don't file and pay your taxes, you could face some financial consequences.If you don't file, you could face a failure-to-file penalty . The penalty is 5% of your unpaid taxes for each month your tax return is late, up to five months. If you file more than 60 days late, you'll pay whatever is less:

a minimum of 100% of the taxes you owe or "a specific dollar amount that is adjusted annually for inflation,"If you file your taxes but don't pay them, the IRS could charge you a failure-to-pay penalty. Generally, the IRS will charge you 0.5% of your unpaid taxes for each month you don't pay, up to 25%.

 

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