Archive for Tax Extensions 2016

A Modest Proposal – Let’s Fix Extensions

John Stancil

I remember when tax season was pretty much over after April 15. Sure, there were extensions, but for four months and you had to justify an additional two-month grace period. Since the additional extension was mostly perfunctory, the IRS changed things and now grants a single six-month extension. No additional extensions are granted except in the case of a federally declared disaster area.

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US Taxpayers Are Receiving $10,000 Penalty Assessments

Ron Marini

We recently posted an article discussing an influx of calls from businesses who have recently received penalty notices regarding late filed or non-filed Form 5472. The Internal Revenue Service imposes an automatic penalty of $10,000 whenever an individual or company is late in filing an information return disclosing their interest in a foreign corporation, regardless of whether there is any associated under-reporting of income or tax deficiencies.

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More Time To File, More Time To Procrastinate

Barry Fowler

Yes, this year taxpayers have an extra 3 days to get their taxes filed or to file for an extension. And whenever a procrastinator is given more time, they will inevitably stay true to their nature and put off filing until the very last minute.

This behavior is so well known to professional tax preparers and firms that the Wall Street Journal recently published an entire Read more

Need More Time to File Your Taxes?

Peter Flournoy

The April 18 tax deadline is coming up. If you need more time to file your taxes, you can get an automatic six-month extension from the IRS. Here are five things to know about filing an extension:

1.Use IRS Free File to file an extension. You can use IRS Free File to e-file your extension request for free. Free File is only available Read more

2016 Important Tax Filing Dates And Tax Deadlines To Know

We want to provide you with important tax dates and tax deadlines during 2016. Keep this list for reference throughout 2016! Check the list to ensure you have met all tax filing obligations for these dates.

January 15, 2016

January 15th is the tax deadline for self-employed people and for others who pay quarterly estimated tax to pay their 4th quarter 2015 tax payment.

 January 19,  2016 Read more

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