Things do not always go as planned and it is possible that you did not file your federal income tax return by the April 15 tax filing deadline. The following should help you determine what steps you need to take:

If you filed an extension to file your tax return:

• If you filed an extension to file your tax return prior to April 15, then you have until October 15 to file your return without incurring any late filing penalty.

• An extension of time to file the return is not an extension of time to pay any tax which may be due. If you will not owe any taxes when you file the return in October, then there is no additional action you need to take at this time.

• If you will owe taxes when you file your return in October, and did not pay these taxes when you requested the extension, then interest and penalties are accruing on the taxes due from April 15 until the date the taxes are paid.

• If you will owe taxes and are unable to pay the full amount anticipated to be owed, you can make partial payments towards the liability at any time. Since the interest and penalties are calculated based on the taxes owed, making payments towards the tax due will reduce the amount of interest and penalties eventually paid.

• There are circumstances under which the IRS will waive the penalty for failure to pay the tax by April 15. However, you need to qualify for this waiver. Speak to your tax professional to see if you qualify.

If you did not file an extension to file your tax return:

• If you did not file a timely extension, then file your return as soon as possible to avoid the failure to file penalty. This penalty is imposed for every month or portion of a month for which the return is not filed. The penalty is capped at 25% of the tax due. 

• If you will owe taxes, follow the same guidelines as set forth above for the payment of the taxes.

• If you will owe taxes, you will be incurring both a failure to file penalty until the return is filed or the maximum penalty is reached, and a failure to pay penalty until the taxes paid.

If you are owed a refund:

• If you are owed a refund, you will need to file a return in order to claim the refund.

• If you do not file the return by the due date (April 15 or October 15), the IRS will not impose a penalty for late filing the return.

• You have three years to claim your refund. If you do not file the return within three years of its due date, then the government will keep your refund.

• The IRS will generally pay interest if the refund is issued more than 45 days after the filing of the return.