What are the filing dates for returns and extensions? Is there a penalty for late filing?

Article ID: 59334  

Question
What are the filing dates for returns and extensions? Is there a penalty for late filing?

Answer

Your tax return is due no later than April 15. When you attempt to efile before April 15, you have until April 17 to correct and resend any errors on the return without being considered late.

You may receive a 6 month extension, if, by April 15, you file Form 4868 Request For an Extension. You can file this form through our website. However, please note that if you owe, you are responsible to pay your tax liability amount on or before April 15 or you may face interest and penalties on the amount owed.

The penalty for filing late, without an extension, is usually 5% of the amount owed for each month or partial month your return is late. This can be as much as 25% more of the tax due.

In addition, if you filed on time but didn't pay on time, you'll generally have to pay a late payment penalty of 1/2 of 1% of the tax owed for each month, or part of a month, that the tax remains unpaid after the due date, up to 25% The 1/2 of 1% rate increases to 1% if the tax remains unpaid after several bills have been sent to you and the IRS issues a notice of intent to levy.

If you are due a refund, there is no penalty for late filing and it is not necessary to file an extension, unless you will owe on your state return. You have up to three years to claim your refund.

Please note that additional penalties may be imposed for negligence, substantial understatement of tax and fraud. Criminal penalties may be imposed for willful failure to file, tax evasion, or making a false statement. In addition to any other penalties, the law imposes a $500 penalty for filing a frivolous return.


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Views: 2412 Created on: Jun 15, 2013