Late Payment Relief for Certain Filers Due to Delayed Forms Release
The IRS has announced that certain tax filers for 2012 may be entitled to late payment relief. Normally any payments made after April 15th are subject to a ½% penalty per month. However due to a delay in releasing a number of forms eligible taxpayers may be able to avoid this penalty as long as they filed a valid extension.
Please note that interest will still apply to any balance due until paid. A valid extension is normally one that is timely filed and where the taxpayer properly estimated their tax liability. The return and taxes due must be completed by the extended due date.
For more information and a list of qualifying forms click on the link for IRS News Release 2013-16 below.
James M. Castro, CPA | 04/17/2013