This is for my personal taxes filing for 2005 (Federal and New York State). I wasn't ready for the April 15, 2006 deadline so I filed an extension, allowing me to file my taxes by 10/16/06. I'm still not ready to file, but I will be ready to file my taxes in about a week from now (after the deadline for the extension). What will happen? Will I be fined, or worse, or what? I've never had this happen before, so I hope someeone can give tell me what the IRS does to people in my situation. Thank you.
2006-10-15 19:52:58 · 12 answers · asked by needhelp 1 in Business & Finance ➔ Taxes ➔ United States
You are done with extensions. The IRS offers no more extensions beyond October for ca lander-year filers.
Two big things to remember:
If you end up getting a refund when you finally figure out your taxes, you will incur no penalties or punishment of any type. In fact, the IRS hopes you wait 3 more years so they won't have to pay you at all.
If you owe, the deadline for paying has already passed...in April. When you submit an extension to file, it is NOT an extension to pay. You needed to pay your taxes on April 15th regardless when you file. Hopefully you've done this. If you owe more taxes when you finally file AND you file within the extension time, you will only owe interest (line 0.5% per month) from April. If you file after the extension and owe taxes, you will probably incur interest plus penalties to the tune of 5% per month.
Try like hell to file on time, and when you can't, at least pay on time. Since you probably don't know what you owe on April 15th, make a good faith estimate and then add 10% to be sure. It is better to get a refund than have to pay interest and penalties especially when you can't write off the interest.
2006-10-16 01:12:21 · answer #1 · answered by TaxMan 5 · 2⤊ 0⤋
According to IRS publication 17: No further extension. An extension of more than 6 months will generally not be granted. However, if you are outside the United States and meet certain tests, you may be granted a longer extension. For more information, see Further extensions under When To File and Pay in Publication 54.
2016-03-28 11:15:01 · answer #2 · answered by ? 4 · 0⤊ 0⤋
If you are due a refund, nothing will happen.
If you owe and you didn't pay the correct estimated tax on April 15 they may charge interest and perhaps a penalty if what you owe is large.
They have the option to to the same for filing late but for only a week they often wont bother unless you're a business.
However, after the extended due date you will not be able to file electronically and will have to mail in you return since the IRS closes down their computers to get ready for the next tax year.
2006-10-16 04:51:28 · answer #3 · answered by goldenboyblue 3 · 0⤊ 0⤋
As the other posters note, nothing happens if you get a refund. Certain obscure tax items such as NOLs and 911 exclusions are affected; so you should seek expert advice if you ran a business at a loss or lived abroad.
If you owe, there are late filing penalties accruing from tomorrow's date, and late payment penalties and interest accruing from April 15.
You can write a pleading letter to get the penalties waived if you have "reasonable cause" for the delay. Reasonable causes include death, major illness, fire, flood, hurricane; I think you get the idea here. Simply "not getting around to it" isn't going to cut it. You may have to send your request more than once, the first time is often ignored by the IRS.
2006-10-15 21:42:47 · answer #4 · answered by lizzit 3 · 0⤊ 1⤋
If you are receiving a refund, nothing. If you have a balance owed, you will also incur additional penalties and interest. Finish your taxes, mail the form in with as much payment as you can. You receive a notice from the IRS listing the additional amount you need to pay for not filing on time.
2006-10-15 20:02:18 · answer #5 · answered by Sir Ed 4 · 1⤊ 0⤋
You might be fined a small fee but I am guessing you have a reason why you got an extension to begin with... so id call the IRS before ur deadline and let them know.
2006-10-15 22:53:50 · answer #6 · answered by cowboysfan4lyfe 3 · 0⤊ 0⤋
Fill out and get an additional extension form in the mail before midnight today, Monday, October 16. Go to IRS.GOV, forms and download the request for additional time. It requires that you provide the reason you need an additional extension of time. Am assuming that you have your expected taxes paid in full and the extension is for time only. I
2006-10-16 05:10:49 · answer #7 · answered by acmeraven 7 · 0⤊ 0⤋
You may be able to file for a second extension. If not, you will be assessed a penalty. You will not be arrested. The IRS will send you a certified letter. Make sure you contact them ASAP to discuss your options.
2006-10-15 19:59:44 · answer #8 · answered by roknrolr63 4 · 0⤊ 1⤋
Listen to TaxMan. I suspect he really is a TaxMan, either as a CPA or EA (or maybe a nice IRS employee doing his bit to help the public find their way through the maze that is the US Tax Code)
2006-10-16 07:29:25 · answer #9 · answered by skip 6 · 1⤊ 0⤋
#1
You will not be fined or punished or anything so long as you don't owe.
#2
If you do owe, you need to try filing for a second extension, if you're unable to then you will be assesed a penalty, which is a flat fee + a % of what you owe.
Good luck
2006-10-15 20:01:25 · answer #10 · answered by Anonymous · 0⤊ 1⤋