I just realized tonight that I did not sign and return my tax documents to my tax preparer to file with the IRS by the 15th. I plan to fax the document to my tax preparer tomorrow (4/24). I was expecting a $3500 refund from federal and a $800 refund from the State of Iowa. What type of penalty should I expect for filing late?
Thanks,
Brian
In general the penalty is based on how much tax you still owe. Since there is a refund, I would not expect any penalty.
None, you are getting refunds. Take all the time you need.
They are using $4,000 of your money interest free, and you think they are still going to fine you? I personally would expect a thank you letter.
The next questions are, why do you have so much tax refund, and why do you leave your tax refund unclaimed for so long?
What type of penalty should I expect for filing late?
But if an audit later shows tax due, late filing penalty will apply, accruing at 5% per month on 04/16,
05/16...08/16. So get it filed by 05/15 to avoid any additional potential penalty.Have something to add? Share your thoughts — no account required.
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