Tax Extension

Can you file an extension after the deadline?

If you can’t file by April 15 and are wondering what to do if you miss the tax-filing deadline, the IRS will grant you a 6 month filing extension. While the extension gives you more filing time, you still have to pay at least 90% of your owed taxes by April 15th to avoid fines. But, what happens if you miss the tax extension deadline? If October 15 comes and goes without you having a chance to file, the consequences could be severe, depending on what you owe.

If you miss the tax extension deadline and…

You are owed a refund by the IRS:

Nothing is likely to happen. Since you don’t owe the IRS money, you won’t be fined. If you want your refund, however, you will have to file. The IRS will not remind you that they owe you money; you must file to receive your refund. If you do not file within 3 years, you will lose your refund. So, while there is no necessary rush, there is a chance you could lose out on money owed to you if you do not file.


You owe money to the IRS:

Expect fines and penalties. If you do not pay what you owe by April 15, you start accruing the 5% failure-to-pay fine for every month you are late. If you miss the October 15 deadline and still have not paid nor filed, the IRS will file a substitute return for you and they will not include any deductions that you may be subject to. If you still do not pay once the substitute return has been filed, the IRS will begin collection against you and take hold of your assets.


If you are concerned about late taxes and need a tax advisor, consider the tax experts at Paramount Tax and Accounting. We work closely with professionals who can assist you with any filing concerns. If you are concerned about filing late and/or unsure of your ability to pay, we can assist you in finding IRS approved payment options, including:

  • Payment plans
  • The IRS Fresh Start Program
  • An Offer in Compromise

For a qualified tax advisor, Paramount Tax and Accounting is your trusted firm. Contact us today for a Free Consultation.

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Been working with Doug & Talena since last year and they go above and beyond. I was worried about my tax business tax bill last year and it came in much lower than I anticipated. They even recommended ways I could set a few things up on my own to save money. Highly recommend working with Paramount!
— Ryan Moody, Posted October 31st 2024 on google
Quick and complete answers to my questions and also helped me with an issue I didn’t know was coming my way. Thanks Jeffery!
— Lucas Shane, Posted October 29th 2024 on google
We met Braden for a consultation. He was very happy to answer many of the questions that we had regarding our estate taxes.
— Jerry James, Posted October 26th 2024 on google
We had our first meeting with Amanda and she was very professional. She did a good job of walking us through options on our current structure, along with different options on how to save money on our taxes moving forward.
— Tiny House Movement, Posted October 22nd 2024 on google
Fantastic team that is very competent and friendly. Always find solutions around our tax needs. Been using them for 3 years.
— Jacob Neeley, Posted October 22nd 2024 on google
Jeff & his team are amazing!
— Lisa Loveless, Posted October 18th 2024 on google
I love working with Paramount! They are always efficient and easy to work with!
— Austin Rawlings, Posted October 15th 2024 on google
Paramount has done an exceptional job! I appreciate their attention to detail and willingness to go the extra mile.
— Janna Simonsen, Posted October 15th 2024 on google
The team at Paramount is amazing, this was my first year filing with them. Darren was awesome and super attentive, and at one point we had 3 people in the room looking over some deductions to make sure they were accurate. In a one hour meeting they tripled what I thought my return would be. They are worth every penny, ...
— Caitlin Probst, Posted October 12th 2024 on google
Great experience. Met with Doug Bean. He was knowledgeable, friendly, and took the time to answer all our questions.
— Tyler Hodgson, Posted October 10th 2024 on google
Southwick and team are fantastic and super easy to work with. Their fees are more than fair and their prompt attention to requests and questions is impressive. Highly recommend.
— David Webb, Posted October 10th 2024 on google
Great people! They were very helpful and made the process easy, even with us forgetting multiple documents we needed. It was nice to be able to get tips on how we can set ourselves up better for next year as well. Highly reccomend!
— Sara McWherter, Posted October 4th 2024 on google
Efficient, fast, helpful. Little on the pricey side on some things but it's worth it.
— Jordan Nguyen, Posted October 1st 2024 on google
The team knows their stuff, and took into account a lot of my needs and concerns. I felt heard and am not worried about taxes moving forward.
— Jared Peiffer, Posted September 23rd 2024 on google
They really know what they’re doing, saved me over eleven thousand dollars that I would have missed. I highly recommend them.
— Wayland Wyler, Posted September 16th 2024 on google
I had an initial consultation with Jeff about some semi complicated tax issues. He was knowledgeable and helpful and I will likely reach out to Paramount in the future for tax/planning services.
— Ian Robertson, Posted September 12th 2024 on google
My husband and I chose Paramount Tax for advice and assistance with our LLC, after a lack of engagement and response from our previous accountant. When searching via Google and friends recommendations, I read reviews about Paramount from other customers and was surprised at the high ratings they had. We decided to give...
— Kami Muramoto, Posted August 30th 2024 on google
⭐️⭐️⭐️⭐️⭐️⭐️ Braden Thompson was thorough and an all around awesome guy, helped me get my taxes all squared away and made it easy and stress-free. Would highly recommend!
— David Eddington, Posted August 12th 2024 on google
Very thorough and personable
— Lorrie Chavez, Posted August 6th 2024 on google
I totally fell behind this year and found myself in quite the crunch! Braden took great care of me and helped me with both my personal and business returns quickly.
— Adam Millett, Posted July 11th 2024 on google
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