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Filing a past due return may not be as difficult as you think.Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that full payment of taxes upfront saves you money.
Here’s What to Do When Your Return Is LateGather Past Due Return Information Gather return information and come see us. You should bring any and all information related to income and deductions for the tax years for which a return is required to be filed. Payment Options – Ways to Make a Payment There are several different ways to make a payment on your taxes. Payments can be made by credit card, electronic funds transfer, check, money order, cashier’s check, or cash. Payment Options – For Those Who Can’t Pay in Full Taxpayers unable to pay all taxes due on the bill are encouraged to pay as much as possible. By paying as much as possible now, the amount of interest and penalties owed will be lessened. Based on the circumstances, a taxpayer could qualify for an extension of time to pay, an installment agreement, a temporary delay, or an offer in compromise. Taxpayers who need more time to pay can set up either a short-term payment extension or a monthly payment plan.
What Will Happen If You Don’t File Your Past Due Return or Contact the IRS It’s important to understand the ramifications of not filing a past due return and the steps that the IRS will take. Taxpayers who continue to not file a required return and fail to respond to IRS requests for a return may be considered for a variety of enforcement actions. Please contact us for further information and support on your late returns. |
Posts Tagged ‘tax forms’
Haven’t Filed an Income Tax Return? What to Do
Tuesday, May 3rd, 2011Getting the Right Amount of Tax Withheld
Thursday, June 17th, 2010|
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In most situations, the tax withheld from your pay will be close to the tax you figure on your return – if you follow these two rules. But because the worksheets and withholding methods do not account for all possible situations, you may not be getting the right amount withheld. This is most likely to happen in the following situations: |
Tax Due Dates for January 2010
Wednesday, January 27th, 2010
| Employers – Give your employees their copies of Form W-2 for 2009 by February 1, 2010. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting by February 1st. | |
| January 1 | Employers – Stop advance payments of the earned income credit for any employee who did not give you a new Form W-5 for 2010. |
| January 11 | Employees – who work for tips. If you received $20 or more in tips during December, report them to your employer. You can use Form 4070 Employee’s Report of Tips to Employer. |
| January 15 | Employers – Social Security, Medicare and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in December 2009.Individuals – Make a payment of your estimated tax for 2009 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES. This is the final installment date for 2009 estimated tax. However, you do not have to make this payment if you file your 2009 return (Form 1040) and pay any tax due by February 1, 2010.Employers – Nonpayroll Withholding If the monthly deposit rule applies, deposit the tax for payments in December 2009.Farmers and Fishermen – Pay your estimated tax for 2009 using Form 1040-ES. You have until April 15 to file your 2009 income tax return (Form 1040). If you do not pay your estimated tax by January 15, you must file your 2009 return and pay any tax due by March 1, 2010, to avoid an estimated tax penalty. |
| February 1 | Employers – Federal unemployment tax. File Form 940 for 2009. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you already deposited the tax for the year in full and on time, you have until February 10 to file the return.Employers – Social security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2009. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until February 10 to file the return.Employers – Nonpayroll taxes. File Form 945 to report income tax withheld for 2009 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year in full and on time, you have until February 10 to file the return.Employers – Give your employees their copies of Form W-2 for 2009. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting by February 1.Individuals – who must make estimated tax payments. If you did not pay your last installment of estimated tax by January 15, you may choose (but are not required) to file your income tax return (Form 1040) for 2009. Filing your return and paying any tax due by February 1 prevents any penalty for late payment of last installment.
Businesses – Give annual information statements to recipients of 1099 payments made during 2009. Payers of Gambling Winnings – If you either paid reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of From W-2G. Certain Small Employers – File Form 944 to report social security and Medicare taxes and withheld income tax for 2009. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is $2,500 or more from 2008 but less than $2,500 for the fourth quarter, deposit any undeposited tax or pay it in full with a timely filed return. 
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