IRS has a penalty relief program for the unemployed and self employed people that have losses due to the economic downturn. Here is the Spidell Flash Alert that talks about it:https://www.magnetmail.net/actions/email_web_version.cfm?recipient_id=654422898&message_id=1893911&user_id=Spidell&group_id=759130&jobid=9730637Notice that when you file an extension on April 17, if you pay 90% of the tax due at that time and the rest by October 15, the IRS will only charge interest and not late payment penalties on the tax.Remember, You can count on us to count for you!
Brian’s Tax Musings – Videoconference IRS Audits?
This article in Accounting Today by Michael Cohn discusses the possibility of the IRS allowing videoconfernce for correspondence audits in the future:http://www.accountingtoday.com/news/IRS-Audits-Videoconference-62268-1.html?ET=webcpa:e2364:204199a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=WebCPA_Daily_040412So is this in the IRS budget or are they going to have to cut something out (like full examinations – okay?)Remember, You can count on us to count fot you!
Brian’s Tax Musings – Remember the Extension
This year Tuesday April 17 is tax filing day, but if you aren’t quite ready. Remember The Extension! (Sounds like a new movie, doesn’t it; now playing at a theater near you.)You can request a six month extension for filing your 2011 taxes by filing form 4868. That gives you until October 15 to file. Just remember this is an extension to file, not to pay your taxes. If you owe money on filing day, you will have to pay penalties and interest of about 1% a month until you pay it to the government. But if you don’t extend, you will also owe 5% a month late filing penalty, so Remember the Extension!And Remember, You can count on us to count for you!