My brother has been doing my taxes for years. He’s a CPA and is really good at his job. I slacked on doing my taxes with him and so I had to mail them out late. I told him I was nervous about mailing them in to the IRS late but he told me that since I was getting a refund that I should not worry about it, and with his experience he has never heard of anyone getting in trouble for turning them in that late while getting refund. Should I trust him?
2007-04-25 00:28:22 · 10 answers · asked by Mic 2 in Business & Finance ➔ Taxes ➔ United States
It depends. Most of the time, they won't do anything, because well, you DID get them in, albeit late, and since they owe you rather than the other way around, that actually works in their favor.
In theory, they could give you trouble, but normally, they simply won't bother. (You're not the only on in this situation - not by a long shot - and it'd be a LOT of work to go after all the people who're a few days late.)
However, if they wanted to, they could indeed give you trouble - the fact is that you were late, after all. so in theory, if you ran into a particularly grumpy IRS worker, or if you ever gave them any type of grief in the past, they might go after you "just to show you".
But the odds are overwhelming that they won't, so I'd follow your brother's advice and not worry about it. :)
2007-04-25 00:38:40 · answer #1 · answered by Ms. S 5 · 0⤊ 5⤋
I agree with the correct answers above...you are fine. I too have filed numerous clients' taxes late that were getting a refund and have never seen a penalty charged. I have even filed taxes YEARS late, with no penalty because they showed a refund. fahgetaboutit 8-)
2007-04-25 14:00:58 · answer #2 · answered by RichManPoorMan 2 · 0⤊ 0⤋
If the IRS owes you money,they don't care if you NEVER file for a refund,but if you owe them 11 cents....you BETTER pay on time ! Seriously,I have fellow soldiers who filed YEARS late with no problems at all,Even after they were out of the military.You can call the IRS toll free no. and they'll verify what I say.
2007-04-25 07:42:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, he's correct. Penalties are based upon the amount of the tax due with the return. If no tax is due, there is NO penalty.
(The loons above who say you're in trouble are CLUELESS!)
2007-04-25 07:40:52 · answer #4 · answered by Bostonian In MO 7 · 4⤊ 0⤋
Yes, your brother is right.
If you have a refund, there is no penalty for filing late.
Penalties are calculated on the AMOUNT DUE. Since there is NO AMOUNT DUE, there is NO PENALTY.
http://taxes.about.com/od/backtaxes/qt/irs_tax_penalty.htm
2007-04-25 07:55:17 · answer #5 · answered by Geeeyaaa 4 · 2⤊ 0⤋
Yes - if you get a refund, there's no penalty on your federal return.
2007-04-25 08:50:30 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
You can trust what your brother said,,
(this time anyway)
The only "fine" you will pay is having to wait much longer for your refund,, but no trouble..
2007-04-25 07:37:05 · answer #7 · answered by Jo Blo 6 · 1⤊ 2⤋
Your brother is wrong. I would hope that a CPA would offer you or anyone for that fact, the truth--he should know better!
The deadline is for everyone, regardless.
Good luck!
2007-04-25 07:37:47 · answer #8 · answered by Sophia 3 · 0⤊ 5⤋
Your brother is right.
2007-04-25 07:36:38 · answer #9 · answered by ed 7 · 2⤊ 1⤋
False. Timeline is timeline; no bargaining.
2007-04-25 07:33:15 · answer #10 · answered by SGElite 7 · 0⤊ 5⤋