Failure to File Penalty

The failure to file penalty is the reason it is so important to file a return by the extended due date which is today for 2011 individual returns. The Federal penalty is 5% for each month or part of a month up to a maximum of 25% of any unpaid balance of tax due. Georgia has the same penalty also. It is better to file an incomplete return and then amend later when you have all of the information.