Basics of IRS Penalties for Late Filing of Income Tax Return

IRS penalties and interest may be for a number of different occurrences. Some examples are: understating your tax liability, understating a reportable transaction, file an erroneous claim for a refund or credit, or file a frivolous tax submission. But the easiest way to receive a penalty is by filing late.  

When it comes to penalties and interest, the Internal Revenue Code may impose many different types of penalties. These can be as simple as a civil fine, or as harsh as imprisonment, depending on the particular scenario.

How IRS Penalties Are Calculated

Penalty for Filing Late:  If a return is not filed by the due date, you may have to pay a failure-to-file penalty.  This amount is typically 5% per month, but not greater than 25%. The penalty is based on the unpaid amount as of the due date.

Penalty for Paying Late:  The Failure-to-Pay Penalty of .5% of unpaid taxes per Month is incurred each month after taxes due are not paid.

NOTE: If there is no tax balance due (or you qualify for a refund) there will be no penalty for late filing.

Avoiding Penalties

Out of Country:  Individuals who live and work out of the country automatically receive a two month extension without filing a Form 4868. However, a return must be filed by October 15 at the latest.

Reasonable Cause:  The IRS does also waive penalties for those individuals and businesses that had Reasonable Cause to not file or pay on time.  This is a more subjective reason to be reserved for the most extreme circumstances, and to be determined by the IRS.

Extend Your Deadline:  An individual or business may elect to file for an extension of up to 6 months. This is not an extension of time to pay; this is an extension of time to file.

 

Obviously the best way to avoid penalties and interest is to simply file on time! However, sometimes this is easier said than done.  There are many different services available for use by individuals and businesses to extend filing deadlines ExpressExtension.com is a simple online tool that can help you avoid late penalties by filing for an extension.  

If you have any questions about filing Tax Extensions, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.  We have Spanish Support too!

Today Is The Individual Tax Return Deadline

May 15, 2013 is the deadline to file Exempt or Non-Profit Organization Tax Returns. That day is today!  If the deadline snuck up on you and you are not ready to file your return today, there is no need to panic.  At ExpressExtension, you can E-File Form 8868 within minutes, to request an automatic 3 month (6 month for Form 990-T filed by a corporation) to prepare your return.  

Please note: IRS Form 8868 does not extend the time for payment of tax. Generally, payment of any balance due according to IRS Form 8868 is required by the due date of the return for which this extension is filed.

ExpressExtension is the safest, fastest, most efficient, and most affordable way to file a tax extension with the IRS and our top notch Express Tax Support Center will have extended customer service hours today to assist those last minute filers.  Do not risk steep fines and penalties for filing a late return. You can even F-File from your phone at http://m.expressextension.com/.

If you have any questions about filing Tax Extensions, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155. We have Spanish Support, too!

Don’t Miss Tomorrow’s Deadline: E-File Form 8868 Today

Reminder that tomorrow is the deadline to file your Exempt or Non-Profit Organization Tax Return.  If are unable to file on time, you can file an extension of time to file by E-Filing Form 8868 within minutes, using ExpressExtension.

Use Form 8868 , Application for Extension of Time To File an Exempt Organization Return, to request an automatic 3 month (6 month for Form 990-T filed by a corporation) extension of time to file your return for Exempt or Non-Profit Organizations.

Please note: IRS Form 8868 does not extend the time for payment of tax. Generally, payment of any balance due according to IRS Form 8868 is required by the due date of the return for which this extension is filed.

If you have any questions about filing Tax Extensions, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155.  While our normal business hours are 8am – 6pm EST, Monday through Friday, we will have extended hours tomorrow, to assist those last minute filers. You can always email support@ExpressExtension.com.   And we have Spanish Support too!

IRS Form 8868: Tax-Exempt Organization Extension Deadline is May 15th to Preserve Tax-Exempt Status

You have 2 days left to file your Exempt or Non-Profit Organization return.  If you need more time to prepare your tax return you can use Form 8868, officially called an Application for Extension of Time to File an Exempt Organization Return, to file an extension. The deadline to file an Exempt Organization Tax Extension, doe organizations who use the calendar year as their fiscal year, is May 15, 2013. If you don’t think you’ll be able to hit that May 15th deadline, you can E-File Form 8868 at ExpressExtension.com. The IRS will grant you an extra three months to file.

Please note: The Pension Protection Act of 2006 mandates that organizations failing to file report for 3 consecutive years their federal tax-exempt status automatically revoked. 

For full details see the IRS Release.

If you have any questions about filing Tax Extensions, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.  We have Spanish Support too!

Get More Time to File A Non-Profit Tax Return Using Form 8868

Use Form 8868 , Application for Extension of Time To File an Exempt Organization Return, to request an automatic 3 month (6 month for Form 990-T filed by a corporation) extension of time to file any of the following returns:

• Form 990 , Return of Organization Exempt from Income Tax
• Form 990-EZ , Short Form Return of Organization Exempt from Income Tax
• Form 990-PF , Return of Private Foundation
• Form 990-T , Unrelated Business Income Tax Return
• Form 1041-A , U.S. Information Return – Trust Accumulation of Charitable Amounts
• Form 4720 , Return of Certain Excise Taxes on Charities and Other Persons under Chapter 41 and 42 of the Internal Revenue Code
• Form 5227 , Split Interest Trust Information Return
• Form 6069 , Return of Excise Tax on Excess Contributions to Black Lung Benefit Trust under Section 4953 and Computation of Section 192 Deduction
• Form 8870 , Information Return for Transfers Associated with Certain Personal Benefit Contracts

The deadline to file a Non-Profit Tax Extension is May 15, 2013. If you have any questions about filing Tax Extensions, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.  We have Spanish Support too!

One Week Left to E-File Non-Profit and Exempt Organization Tax Extension

Reminder, next Wednesday, May 15, 2013 is the deadline to E-File Form 8868– Application for Extension of Time To File an Exempt Organization Return.”  That’s one week from today!

You can E-File Form 8868 in minutes using ExpressExtension.  ExpressExtension is the safest, fastest, most efficient, and most affordable way to file a tax extension with the IRS. With its streamlined design and user-friendly system, ExpressExtension will walk you through each step of the process in less than 10 minutes. Everything is spelled out in easy to read instructions, not confusing tax jargon.

Part 1 of Form 8868  provides an automatic 3 month extension of time to file for Exempt Organizations. Once this 3 month extension has been filed, the filing party may also file Part 2 of this IRS Form 8868 . The second part of this form is referred to as a Non-Automatic Additional 3 Month Extension. This obviously provides an additional 3 months of time to file, but can only be filed if Part 1 has already been filed and accepted.

If you have any questions about filing Tax Extensions, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.  We have Spanish Support too!

File Form 8868 From Anywhere! Even From a Phone!

Form 8868 Tax Extension for Non-Profit and Exempt Organizations, can be E-Filed in a matter of minutes when you use ExpressExtension.com.  The mobile version is m.expressextension.com and can be used on any smartphone or tablet!  No matter what you use – if it’s an iPhone, Android, Windows Phone, or BlackBerry they are all compatible with ExpressExtension.

ExpressExtension has taken the traditional Tax Extension Form and condensed it into a series of simple questions, making it ideal for using a mobile version.  All you need to complete a tax extension is a basic understanding of your business information and an estimated tax liability for the year.

Non-Profit and Exempt Organizations can use the IRS Form 8868 to apply for an automatic 3 month tax extension or a non-automatic additional 3 month extension and is due by May 15, 2013.

The benefit to E-Filing these forms is that there is no need to wait around for the IRS to accept the extension.  With m.expressextension.com it’s even more convenient because you can file on the go, wherever you are!

If you have any questions about filing Tax Extensions, you can contact the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.