Replies to post #654077 on Fannie Mae-No Politics (FNMA)

[trunkmonk]

if you owe tax and don't file on time, there's also a penalty for not filing on time. The failure-to-file penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%. If your return is over 60 days late, there's also a minimum penalty for late filing; it's the lesser of $435 (for tax returns required to be filed in 2020) or 100 percent of the tax owed. See Topic No. 304 for information about extensions to file, if you can't file on time.

powerful statement to use in cases for years to come. what goes around comes around