April 15th is in most taxpayers’ rearview mirrors–except for those with an outstanding tax debt.
There are provisions for extending the deadline date for filing, but the extension must be accompanied by a payment, or the clock starts ticking for accruing of interest and penalties and setting in motion a levy or a lien.
Tax season is over and you might think that you can rest easy now that your return has been filed but that’s not always the case. Sometimes you need to file an amended tax return, whether you realize it or not. Here are some of the common reasons for filing an amendment.
We pay our federal income taxes through a voluntary pay-as-you-go payroll deduction, or through a system of quarterly estimated payments to report earnings not subject to payroll deductions. The system encourages upfront payments and can add additional tax debt to the taxpayer who underpays.
The IRS is like a collection agency on steroids. Each passing day that you owe back taxes accrues additional penalties and interest on the amount due. But you still have options — a tax filing extension and installment plan, to name two — if you want to avoid compounding your problems with ruinous IRS levies and liens.
We are looking forward to providing you with outstanding tax consulting and preparation services for this tax year filing period. We’d like to inform you of some resources available to help you organize your tax documents and schedule an appointment with us.