If you owe tax and do not file before the April deadline, the total failure to file penalty is usually 5% of the tax owed for each month, or part of a month that your return is late, but not more than 25%. If your return is over 60 days late, the minimum penalty for late filing is the lesser of $435 (after 1/1/2020) or 100% of the tax owed.
You may be able to file an extension, Form 4868, to avoid a late filing fee if you were to file your return after the April deadline. For more information on the Failure to File penalty, please click here.
Please Note: The extension application does not provide you with more time to pay the amount owed. If you do not pay your expected amount owed by the April filing date, the IRS may assess interest and penalties on the remainder amount.