Tax Deadline Reminder
As the filing date approaches for individual income tax returns, it’s important to make sure that you send in all the necessary information in order to prepare your 2015 federal and state individual income tax returns. In order to meet the April 18, 2016 individual filing deadline, all of your tax information must be turned in for preparation by March 15, 2016.
If You Cannot Meet the March 15 Deadline – If you are unable to provide all of the necessary tax information by March 15, we can file a request for an automatic extension of time on your behalf. If you would like us to file an extension for you, you must sign the Extension Authorization form and return to us by March 14, 2015. If you are waiting on tax information from a 3rd party (i.e. brokerage statements, 1099’s, etc.), please send us all of the documentation you do have, and let us know what you are missing by March 14, 2016.
Payments with Extensions
The filing of an extension of time does not excuse you from underpayment of tax penalties, late penalties and/or interest. Therefore, if you feel that you may be underpaid, you may need to remit additional funds at the time that the extension of time request is filed. These payments may be made via Check, EFT or credit card. If you choose to pay your liability via credit card, please be aware that there will be a fee charged by the processing vendor. The amount of the fee will vary based on the vendor you choose, and the amount of the payment. If you would like information on how to pay by credit card, please see the attached page titled “Ways to Pay” for more information.
***If you are paying by check, you must provide signed checks made out to the applicable tax agencies along with the Extension Authorization to our office by March 14, 2016. The checks will be submitted to the taxing authorities along with the extension on April 18, 2016.***
Failure to Pay
Failure to pay your tax due can result in a late payment penalty in the amount of .5% per month, with a maximum of 25%. Failure to file a tax return or filing late can result in a late filing penalty in the amount of 5% per month with a maximum of 25%. If the tax return is more than 60 days late, the minimum penalty is the lesser of $135.00 or the tax due. There is also interest on the balance due that varies throughout the year. There is no penalty if the return shows a refund.
As always, if you should have any questions regarding your tax returns or the instructions in this letter, please contact our office.
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Brown CPA Group, LTD