If you cannot meet the deadline for filing your return, A) the IRS

If you cannot meet the deadline for filing your return,

A)

the IRS will level a penalty, regardless of whether you file an application for a time extension.
B)

the IRS will grant you an automatic extension if you file an application. You will be able to file a late return and late payment of taxes without penalty. However, you may owe interest on the late tax payments.
C)

the IRS will grant you an automatic extension if you file for an extension. However, you will be penalized if you have not paid your taxes by the filing date.
D)

you need only to file for an automatic extension and delay paying your taxes until you actually file your return.

ANSWER

C