Wednesday, April 17, 2013

What to Do if You Missed the Tax Filing Deadline - NYTimes.com

What to Do if You Missed the Tax Filing Deadline - NYTimes.com

O.K., it’s now after April 15. If you haven’t filed your income tax returns or an extension, it’s time for damage control.

The Internal Revenue Service advises filing as soon as possible after the deadline to lessen the impact of the late-filing or late-payment penalties, and interest, you will have to pay.

“File as soon as possible,” said Melissa Labant, director of tax advocacy for the American Institute of Certified Public Accountants. “Don’t think, ‘Oh, the deadline passed so there’s no rush now.’”

If you are owed a refund, you won’t be charged a penalty for filing late, the I.R.S. says. But if you’re sitting on a refund, what are you waiting for?

The agency generally won’t waive interest on any bill due, but it will consider abating penalties if you can show a “reasonable cause” for filing late.

No comments:

Post a Comment