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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121261  
Subject: Re: Just wondering Date: 4/21/2004 8:44 AM
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5% of the tax still owed.

And what if the return shows that you are entitled to a refund?


While I believe the IRS can still assess a late filing penalty, I have never seen it applied.

Also.....I'm still wondering if anyone has actually had experience with filing a late return and being penalized?

Many times. I agree with the earlier poster that if the filing is late by a day or two, it often slips through with the millions (yes, millions) of returns that arrive within the week after April 15. File significantly late and you can expect to get a penalty notice.

Ira

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