Extended Time is Up to file your 2018 Personal Federal Income Tax Return

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If you filed an extension to file your 2018 1040 it’s time to see your accountant ASAP! The extended deadline to file is around the corner on Tuesday Oct. 15, 2019. There are multiple penalties if you miss it.  You will immediately get hit with a failure-to-file penalty of 5% of the tax due, and an additional 5% for each additional month it takes you to get that return filed for a total of 25% of the unpaid tax after 5 months.  Add to that the smaller failure-to-pay penalty of .5% of your unpaid taxes for each month the payment is outstanding, capping out at a rate of 25% of the unpaid tax.  On top of that the interest tab starts to run at 3% above the Applicable Federal Rate (“AFR”) as published by the Treasury.  It is also a great time to work on your updated 2019 tax projections based on the new proposed IRS regulations recently published.

 

 

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Published by Carlos Nazario