The penalties for not filing returns can be quite large. The typical penalty is four and a half percent per month of the unpaid tax. In addition to the penalty for not filing or for late filing, there's a one-half percent per month for late paying. So, the maximum late filing penalty is 22 and a half percent. The maximum penalty for late paying can be up to twenty-five percent. Therefore, the total penalties can be quite large, up to forty-seven and a half percent of the unpaid tax.
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