Greetings!

Thank you all for another wonderful tax season.  You have no idea how much I appreciate your business, loyalty, and constant referrals.  I hope to hear from everyone again next year! 

If you filed an extension, please get your information to me as soon as possible so we can complete your filing before the extended due date sneaks up on us.  Remember that all of my rates are available on my website Pricing page.  And please help me spread the word that you can also file yourself online through my website or by clicking here.  Thank you! 

Eight Facts about Failure to File or Pay Penalties

• A Failure-to-File Penalty may be assessed if you do not file by the deadline.
• The Failure-to-File Penalty is generally more than the failure-to-pay penalty.  So if you cannot pay all the taxes you owe, you should still file your tax return on time and pay as much as you can.  You can then explore payments options and the IRS will work with you.   
• The Penalty for Filing Late is usually 5 percent of the unpaid taxes for each month or part of a month that a return is late.  This penalty will not exceed 25 percent of your unpaid taxes.
• If You File Your Return More Than 60 Days After the Due Date or Extended Due Date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.
• If You Do Not Pay Your Taxes on Time, you will generally have to pay a failure-to-pay penalty of 1/2 of 1 percent of your unpaid taxes for each month or part of a month after the due date that the taxes are not paid.  This penalty can be as much as 25 percent of your unpaid taxes.
• If You Request an Extension of Time to File by the tax deadline and you paid at least 90 percent of your actual tax liability by the original due date, you will not face a failure-to-pay penalty if the remaining balance is paid by the extended due date.
• If Both the Failure-to-File Penalty and the Failure-to-Pay Penalty apply in any month, the 5 percent failure-to-file penalty is reduced by the failure-to-pay penalty.  However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.
• You Will Not Have To Pay a Failure-to-File or Failure-to-Pay Penalty if you can show that you failed to file or pay on time because of reasonable cause and not because of willful neglect.