Filing Extensions and Minimizing Penalties

Taxpayers who filed an extension for their 2023 tax return have until October 15, 2024, to submit their return. However, an extension does not extend the time to pay. Any unpaid taxes after April 15 accrue penalties and interest. The IRS advises those unable to pay in full to pay what they can and set up an installment plan. Failure-to-file penalties are 10 times higher than failure-to-pay penalties. IRS Payment Portal: IRS Payments.