What Happens if you File your Taxes Late?

What actually happens if you file your taxes late. Does it matter if you owe additional taxes or not? The WSJ broke it down so you can understand exactly what the impact might be if something fell through the cracks...

https://www.wsj.com/buyside/personal-finance/what-happens-if-you-file-taxes-late-penalty-b06f50ee?mod=djem10point