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IRS Extension To File | Due Date For Filing With Extension | Penalty For Filing After Extension Deadline | Tax Attorney October 15, 2012

Posted by Insight Law Firm in Income Tax, IRS, Tax.
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October 15 – marks the return deadline for taxpayers who requested and received a six-month extension to file their 2011 tax returns. Individual taxpayers may request an extension in April by submitting a request for an extension of time to file, which includes an estimate of the taxpayers’ tax liabilities for the year.

Submitting an extension does not stop the accrual of interest or late payment penalties on any unpaid taxes. However, filing the extension does allow taxpayers to avoid the “late-filing” penalty, which would usually be assessed against the taxpayer at a rate of 5% of any unpaid balance per month!

Thus, even a taxpayer can’t afford to pay taxes in full by the extended October 15 deadline, filing the return without full payment can still save the taxpayer from additional penalties. Taxpayers who are unable to repay liabilities should explore entering into an installment agreement to repay their tax liabilities over time or proposing an offer in compromise to settle their debt with the IRS.

Washington taxpayers may schedule a free consultation to discuss their options with Insight Law by calling (206) 397-4780 or visiting our website at the link below to speak with a tax lawyer

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Author: Amanda R. Stach

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