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Tax Surcharge
3 Answers
Does someone have to pay the 5% late filing surcharge for past years, even though they had never received a tax return to fill in??
Returns weren't received by the person due to late registration. He was unaware he had to register which was explained and accepted by the Inspector of Taxes.
Thanks in advance.
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Yes.
The IRS charges a late filing penalty that's equal to 5% of the tax owed for each year, up to 25%. The filing deadline is 3 months from the end of your fiscal or calendar year and December 18th for calendar years. In order to meet this deadline, you must have filed any W-2 (for employees) and 1099 forms (for independent contractors). Note that if you file after January 15th, which is considered an extension then you will need to pay a fee in addition to the late payment. Generally, these deadlines are extended in certain circumstances such as victims or surviving family members who could be experiencing extreme emotional or physical distress. There are other circumstances where an extension can be granted too—so if. Know more Here
The IRS charges a late filing penalty that's equal to 5% of the tax owed for each year, up to 25%. The filing deadline is 3 months from the end of your fiscal or calendar year and December 18th for calendar years. In order to meet this deadline, you must have filed any W-2 (for employees) and 1099 forms (for independent contractors). Note that if you file after January 15th, which is considered an extension then you will need to pay a fee in addition to the late payment. Generally, these deadlines are extended in certain circumstances such as victims or surviving family members who could be experiencing extreme emotional or physical distress. There are other circumstances where an extension can be granted too—so if. Know more Here
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