Our annual Tax Season Survey is now open! Click here to participate by Friday, May 24th. This survey provides us with vital feedback that we use to improve our services.
In exchange for about 5 minutes of your time, you'll be entered in a drawing to win a $100 Amazon.com gift card!
This survey is being conducted by a third party (Market Research Solutions, LLC) and your feedback will be kept anonymous and only reported in the aggregate. That said, please be open and honest with your feedback.
On another note, if you get an IRS penalty letter in the mail, please forward it to us! Let Maco & Associates evaluate the letter before you pay the fine. It's unfortunate, but some of our clients should expect these letters this year. Here's why:
The IRS has had some major system issues along with cuts to staff, resulting in a 24.7% error rate on their last internal audit. We need to evaluate all communication from the IRS and PA/local taxing authorities in a timely manner in order to assess the situation and respond on your behalf.
In addition, because of last-minute tax changes this year, 31 IRS forms needed for filing were delayed. Some taxpayers may not have had the benefit of the forms, including their revised computations, to help them properly estimate their liabilities. When taxpayers incorrectly estimate and inadvertently underpay their tax liabilities with a filed extension, the IRS automatically imposes a failure to pay penalty.
On March 20, the IRS announced that it will waive failure to pay penalties for taxpayers filing extensions on returns that include one of the 31 forms that were delayed. The IRS is not providing automatic relief from this penalty; taxpayers must request relief in a letter after the IRS assesses the penalty.
To obtain the penalty relief, the taxpayer must:
- File a timely extension and pay the estimated amount by the original due date of the return.
- Make a good faith effort to estimate the proper tax liability on the extension.
- Pay any additional amounts owed on the filed return before the extended due date.
- Request the relief in writing after the penalty has been assessed.
The relief applies to individuals, estates, trusts, corporations and other entities with March 15 and April 15 filing deadlines.
If you're confused, just make a note to forward us any letters you receive!
Thank you for being a client and thank you for your participation in our survey. We look forward to serving you throughout 2013!
- Maco & Associates