Thursday 14th of December 2017 8:16:32 AM

  • IRS Provides Relief

    Wednesday 20th of March 2013 4:34:36 PM

    If you had a problem filing your tax return due to the IRS not providing certain forms until after January then the Internal Revenue Service is trying to make things better. It was announced today that the IRS will in fact provide relief for the late-payment penalty that would have been assessed to individuals and business that are requesting an extension because they were unable to file due to missing forms.

    Regularly when filing late a 0.5 percent per month late payment penalty would have been assessed. The IRS is granting relief for this penalty. The relief pertains to any of the forms that were postponed until February or as late as March. This was due to the ratification of the America Taxpayer Relief Act.

    If you are a taxpayer that is claiming certain tax benefits as reduction abstractions as well as an array of business credits then you will qualify for this relief. You can visit Notice 2013-24 for a complete list of appropriate forms.

    Keep in mind that any individual or business that may qualify for this relief must adequately request an extension for 2012 tax returns. No special documentation is required on the extension request however as usual one must approximate their anticipated tax liability and pay that amount by the original due date of said tax return. Lastly, take note that interest will still incur if a tax payment is made after the original deadline.

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