Is Your Tax Return Late? File As Soon As Possible!
Save Dollars and Worry By Filing As Soon As Possible.
Our experienced tax professionals at Maicher CPA Pllc provide tax services to help you succeed. Failure to timely file federal tax returns can result in interest, penalty fees, and even potential criminal prosecution. Similar consequences often apply to late-filed state tax returns.
Here are some helpful tips concerning late federal tax returns:
- Even if you can’t pay the tax, file the return. Delayed filing is a bad strategy because it can trigger a “failure to file” penalty of 5% for each month the return is late. Delayed filings also cause the loss of refunds, loss carryforwards, tax credits as well as the receipt of certain government benefits like the recent federal stimulus payments. Delays also stop the clock running on the statute of limitations for audits, which generally go back three years (though sometimes six years) from the filing date.
- The IRS may abate penalties for a good cause. Why did you file late? Illness? Fire? Or for some other compelling reason? Maicher’s experienced tax preparers have the expertise to effectively prepare IRS Form 843, which is otherwise known as the “Claim for Refund and Request for Abatement.” If the reason for the late filing is good enough, this approach saves big dollars.
- Lastly, use a seasoned tax preparer, like the ones at Maicher, to counsel you on your late filing strategy and to prepare your return to save money and needless grief.
Conclusion: July 15 has passed and if you missed the filing deadline, do not compound the problem with needless interest, penalty charges, and other negative consequences. Make an appointment today to meet with one of Maicher’s tax professionals to get your return done so you can put the worries and expenses behind you.
Sources:
IRS Publication: “Audits,” (July 31, 2020).
IRS Publication: “Topic No. 653 IRS Notices and Bills, Penalties, and Interest Charges,” (July 1, 2020).
IRS Publication: “About Form 843, Claim for Refund and Request for Abatement,” (July 1, 2020).
“Tax Return Extensions: 8 Key Things To Know In 2020,” Forbes (July 8, 2020).