Yes, the IRS charges penalties for pretty much any late return or late payment. penalties can be significant and include the following:
Late filing penalty: a penalty of 5% of the unpaid tax due (up to a maximum of 25%) will be charged for every month or part of a month that the tax form is filed late.
Late payment penalty: similarly, a penalty of 0.5% of the unpaid tax due (up to a maximum of 25%) will be charged for every month or part of a month that the tax payment is late.