The Commerce Journal,Business and Local Businesses
*The Commerce Journal>>>Other Taxes

Can I still file a 2006 tax extension?


My fiance and I are business owners and his cousin is our accountant. He was supposed to file an extension for our 2006 taxes and I just found out that he never did! What can I do now?

call the IRS

Call the IRS.They will tell you there will be a interest penalty for filling late. Then find a new CPA

It is too late. You should have filed an extension request last April 15 which would have been good until October 15.

You're 6 months and one day late! Find a new accountant who doesn't have his head up his dark side. Be prepared for about 30% in penalties and interest at the very least, over and above your tax liability.

FYI an extension is an extension of the time to file, NOT to pay the tax due. All taxes were due last April 17th. Penalties and interest for underpayment accrue from that date forward.

No, you are way too late for an extension. Make sure your return gets prepared as soon as possible, and get it filed. If you owe anything, interest and penalties are adding on each month to what you originally owed. If you have a refund coming, you'll get it and there won't be any penalties.

And by the way, his cousin might call himself an accountant, but he sure isn't a very good one - find a new accountant.

You can't file extension. Even if you have filed an extension, the taxes were due by April 15th. If you still owe the taxes, then you will also pay interest and penalty. If you are expecting a refund, then it is still OK. File your return soon.

This is from IRS publication 17: Your Federal Income Tax

Filing late. Failure-to-file
If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. The penalty is based on the tax not paid by the due date (without regard to extensions).

Return over 60 days late.
If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $100 or 100% of the unpaid tax.

Exception.
You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect."

Tags
  Boston   Austin   Atlanta   Other - Business & Finance   Other Taxes   United States Taxes   United Kingdom Taxes   Spain Taxes   Singapore Taxes   Mexico Taxes   Ireland Taxes
Related information
  • What taxes do businesses pay on 401k matching contributions?

    None. Matching contributions that businesses pay are a tax deduction for them.

    ...
  • DEMS raising Cig taxes! Agian?

    Actually DEM'S are smarter than what they seem to be, they are using the Cig tax for two purposes : 1. To stick it to the Cig smoke bad habit , vision this : fat REPUKES with Cuban cigs hangi...

  • What is the difference between duties and taxes?

    It is really a word game. Duties are paid to Customs and amount to a tax on imported goods while taxes are paid to IRS and are internal taxes.

    ...
  • Why is it compulsory for us to pay taxes?

    Payment of taxes is compulsory by definition. If you don't pay, the governmental body that assessed the tax can collect it by force.

    ...
  • Anyone against paying excise duty at customs?

    YES! I agree with you. What a ridiculous thing.

    ...
  • Are you against paying excise duty at customs?

    Payment is not optional. Why raise the question?

    ...
  • How do I calculate the tax basis for exchanged stock?

    Your total basis for the shares does not change, either with the stock exchange or the reverse split. Your basis per share will change but the total basis does not. If you bought 935 shares at ...

  • I have bought an Amplifier and Sub from Australia. Do i have to give tax if I take that to BANGLADESH?

    Yes, you must pay the special bangladesh tax.

    ...
  •  

    Commerce Categories--Copyright/IP Policy--Contact Webmaster