Penalties for not filing tax return on time - New York News

What are the penalties for not filing your tax return on time?

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CHICAGO (FOX 32 News) -

April 15 is tax day across the country. FOX 32's Melody Mendez looked into the penalties for those who did not file their tax return in time.

The good news is, there may not be a penalty. Penalties typically only apply to people who owe the federal government money.

If it turns out that you do owe money, you may face fines for both failing to file on time and failing to pay on time.

One of those penalties will continue to grow five percent for each month you are late after the deadline.

If you are owed a refund that you have never collected, it is no longer available to you after three years. The IRS reclaims that refund.

The IRS says Americans left a total of $760 million in unclaimed tax refunds in 2011. That means, after April 15, those refunds can no longer be claimed.

To help ease the tax day stress, some Chicago area businesses are offering freebies and deals on Monday, April 15.

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