Check Here for Latest COVID-19 Related Tax Updates

phone: 978.774.3000    fax: 978.774.8170    185 Centre St., Danvers, MA 01923


Did you Miss the 7/15 Tax Filing Deadline?

Even though the tax deadline has passed, there are people who have not filed their 2019 tax returns yet. If you are due a refund with your 2019 tax return then there is no penalty for filing your return late. But if you owe with your return penalties and interest will begin to accrue on any remaining unpaid tax due.

If you didn’t file your return and you owe taxes you should file as soon as possible and also pay in what you can with your return if you cannot pay the full amount due. Paying in what you can is better than not paying anything in at all. It is also beneficial to file as soon as possible because the late-filing penalty and late-payment penalty on unpaid taxes does add up fast.

If you are charged a penalty you may be able to get the penalty waived if you call the IRS using the number listed on your notice and explain why you filed late. If you have a history of filing and paying on time you may qualify for administrative penalty relief (usually if you filed and paid on time for the past 3 years and meet other requirements). The IRS gives further clarification on the waiving of this penalty:

https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver

Please consult your tax advisor on all the above information.

Leave a Reply