IRS Interest and Penalty. What you need to know?

Generally IRS charges below penalties. Refer notice 746, information about your notice, penalty and interest.

1. Failure to file – you didn't file your tax return by the return due date or extended due date if an extension to file is requested and approved.
2. Failure to pay – you didn't pay the taxes reported on your tax return in full by the due date of the original tax return. An extension to file doesn't extend the time to pay so you must pay your taxes by the original due date of the tax return even if you have requested an extension of time to file your tax return. In addition, the IRS may charge a failure to pay penalty if the IRS sends a request for payment and you fail to pay on time.
3. Failure to pay proper estimated tax – you didn't pay enough taxes due for the year with your quarterly estimated tax payments, or through withholding, when required.
4. Bad check – your bank doesn't honor your check or other form of payment.

Notice 746  : Information About Your Notice, Penalty and Interest

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