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Less than 2 months away from the end of the tax season in the United States, the Internal Revenue Service (IRS) has started to "warn" taxpayers about the penalties or fines they could face if they fail to file their tax return before the deadline. 

As stipulated by the IRS, the deadline to file taxes for the year 2024 will be April 15th for all taxpayers. 

However, if an individual fails to comply with this action before the deadline, they could face the following consequences: 

  • Receive a penalty for failure to pay equivalent to 0.5% of the outstanding balance for each month of delay. 

  • Face additional interest applied to the amount owed. 

  • Obstacles in receiving SSA retirement benefits or other government benefits. 

  • Receive a tax lien on assets or bank accounts. 

What to do if you miss the deadline? 

It is important to mention that any taxpayer who exceeds the deadline to file the tax return will not be able to avoid penalties or fines from the IRS according to their particular case. 

However, if an individual is certain they cannot file their return by the deadline, there is a legal option to avoid the series of consequences from the IRS. 

According to the same government entity, for taxpayers facing financial difficulties, they can request an extension regarding the filing date. This option is available for individuals who do not have enough money to meet the required payments. 

To do so, it will be necessary to provide explanations or present a reason at the IRS offices so that an expert can analyze the situation and approve a possible exemption. 

If the IRS analyst confirms the extension period, the maximum payment date will be October 15th of this same year. 

It is important to mention that in addition to these types of penalties, the IRS carries out other inspection actions with the intention of finding inconsistencies in tax returns. To do so, this entity implements a series of specific strategies and methods to select individuals for audits: 

  • Conduct reviews on taxpayers linked to companies or individuals under audit or review. 

  • Random selection. 

In addition, the IRS also focuses on various groups such as those receiving the Earned Income Tax Credit due to high error rates in documentation; those making inconsistent declarations regarding their income and reported earnings, as well as taxpayers with over $10 million in income. 

*This article has been automatically translated using artificial intelligence