The Form 1040 tax filing deadline has passed for individual taxpayers. However, many people still haven’t filed their tax return and may be worried about what to do next.
If you haven’t filed and expect to receive a refund, you should file your return as soon as possible. You may lose your refund if the return isn’t filed within three years of the filing due date.
If you haven’t filed and expect to pay, you’ll be subject to penalties and interest on the amount due. The failure to file penalty assessed by the IRS is 5% of the unpaid tax for each month late up to 25% of the unpaid tax. The failure to pay penalty is 0.5% of the unpaid tax for each month late up to 25% of the unpaid tax. If you are experiencing financial problems and can’t pay your tax, the IRS offers several options, including payment plans to pay the tax due.
Filing your return as soon as possible is critical because the penalties and interest on any unpaid tax can add up quickly. However, taxpayers who have had a history of filing and paying on time in the past may qualify for penalty relief. If you’ve filed your returns and have paid any tax due on a timely basis for the past three years, the IRS offers first-time penalty abatement.
Our CPA firm specializes in preparing current, amended, and delinquent tax returns. So why wait any longer? Call our office today to learn more about how we can help you file your past-due tax return(s) and become current with the IRS.
To learn more about our tax services, call our office today at (727) 391-7373.