Missed the Tax Deadline? Here’s What to Do Next
- 2 days ago
- 2 min read
By Katie McClintock, Senior CPA & CEO – McClintock & Associates CPA
If the tax deadline has come and gone and you haven’t filed—take a breath.
You are not alone, and more importantly, you still have options.
Whether you:
- Missed this year’s filing deadline
- Haven’t filed for prior years
- Or need to correct mistakes on a past return
The most important thing is not to wait any longer.
First—What Happens If You Miss the Deadline?
The IRS generally imposes two main penalties:
Failure-to-File Penalty
Typically 5% per month of the unpaid tax (up to 25%)
Failure-to-Pay Penalty
Typically 0.5% per month of the unpaid balance
On top of that, interest accrues daily.
Key point:
The failure-to-file penalty is much higher than the failure-to-pay penalty.
So even if you can’t pay, filing is critical.
What If You Haven’t Filed for Previous Years?
Unfiled tax returns can create bigger problems over time:
- The IRS may file a Substitute for Return (SFR) on your behalf
(often with no deductions or credits applied)
- Refunds can be lost permanently if not claimed within 3 years
- Collection activity may begin (liens, levies)
The longer you wait, the fewer options you have.
Need to Fix a Past Return?
Mistakes happen.
If you:
- Missed income
- Claimed something incorrectly
- Or later received corrected tax documents
You may need to file an amended return (Form 1040-X).
In many cases:
- Correcting errors early can reduce penalties
- It can also prevent larger issues if the IRS identifies the problem first
Can Penalties Be Reduced or Removed?
Yes—sometimes.
The IRS offers potential relief options such as:
- First-Time Penalty Abatement
- Reasonable Cause Relief
- Payment plans (Installment Agreements)
Every situation is different, but there are often ways to minimize the damage.
Why Waiting Makes It Worse
This is the most important takeaway:
- Penalties continue to grow
- Interest continues to accrue
- Options become more limited
- IRS enforcement becomes more likely
Doing nothing is almost always the most expensive choice.
Colorado Considerations
If you live in Colorado, remember:
- You may also have state filing requirements with the Colorado Department of Revenue
- State penalties and interest can apply separately
- Resolving federal issues does not automatically resolve state issues
How We Help
At McClintock & Associates CPA, we work with clients every day who are:
- Behind on filings
- Overwhelmed by notices
- Unsure how to fix past mistakes
We focus on:
- Getting you compliant as quickly as possible
- Identifying opportunities to reduce penalties
- Creating a clear, manageable plan moving forward
Take Action Now
If you’ve missed the deadline—or have unfiled or incorrect returns—the best time to act is now.
Waiting will not make it better.
But the right plan can.
Katie McClintock, CPA
McClintock & Associates CPA
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