How are IRS penalties are computed?, interview with Springer Jones, Enrolled Agent

If you do not file your taxes and pay on time, the IRS will charge you a 5% penalty for filing late. The penalty is 5% of your unpaid tax for each month or part of a month
your return is late, but not for more than five months, totaling 25%.

In addition to the 25% late filing penalty, the IRS will continue to charge a 0.5% late paying penalty for each month or part of a month as long as the tax is unpaid. Initially, the penalty is 0.5% of the unpaid tax for each month or part of a month you didnt pay your tax. If the IRS issues you a Notice of Intent to Levy and you do not pay the balance due within 10 days from the date of the Notice, the penalty will increase to 1% a month.

http://www.getirshelptoday.com

Duration : 0:5:19

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