If you file your taxes late in the USA in 2025, here is what you can expect:

• If you owe taxes and file late, the IRS will charge a late filing penalty of 5% of the unpaid tax for each month or part of a month that your return is late, up to a maximum of 25%. If you file more than 60 days late, there is a minimum penalty of $510 or 100% of the unpaid tax, whichever is less.
• In addition to the late filing penalty, there is a late payment penalty of 0.5% of the unpaid tax for each month it remains unpaid, also up to a maximum of 25%. If both penalties apply in the same month, the late filing penalty is reduced to 4.5% and the late payment penalty is 0.5%.
• Interest is charged on any unpaid taxes from the due date of the return until the tax is paid in full. The current interest rate is around 8% (compounded daily).
• If you are due a refund, you will not be charged a penalty for filing late, but your refund could be delayed. You have up to three years to claim a refund before the IRS keeps it.
• If you file an extension and pay the taxes owed by the original deadline, then file your return by the extended deadline, you avoid the late filing penalty.
• The IRS may send you notices or even file a substitute return on your behalf if you do not file your taxes.

In summary, late filing and late payment penalties, along with interest, can add significant costs if you file your taxes late and owe money. Filing as soon as possible or requesting an extension can help minimize these penalties. If expecting a refund, filing late mainly delays your refund without additional penalties. These rules apply generally for the 2024 tax year filed in 2025, with deadlines typically April 15, 2025 (or October 15 with extension) and penalty amounts adjusted accordingly. This overview captures the current IRS penalties and consequences for late filing and payment of taxes in 2025. Let me know if you would like details about how to request extensions or manage penalties.