From TaxAlmanac, A Free Online Resource
From TaxAlmanac
Discussion Forum Index --> Basic Tax Questions --> Dumb question
Discussion Forum Index --> Tax Questions --> Dumb question
KCGuy (talk|edits) said:
| 15 April 2008
|
| This is the first year so I am filing for some extensions...what info do I need to put on Ext other than name SS# address...how do I know the tax liability if I do not have the numbers yet...Is there any liability on us for filing ext with 0's...thanks
|
Mediumpopi (talk|edits) said:
| 15 April 2008
|
| there is the possibility that the extension would be rejected if you did not pay sufficient tax. Then you would have late filing late paying penalties and the ability to avail yourself of any action that would need to be taken by the due date of the return could be lost
|
JR1 (talk|edits) said:
| April 15, 2008
|
| Well, that's actually not been the case for five or six years now...IRS eased off that for some reason. I think you have to show if you're going to make a payment, or if you show an estimate of tax due, if there's a payment. Otherwise, name address SS will do.
|
KCGuy (talk|edits) said:
| 15 April 2008
|
| So nobody files for their clients extension if you are not aware of the liabilty
|
Larry0434 (talk|edits) said:
| 15 April 2008
|
| I believe the new tax preparer's responsiblity may apply requires that if you understand a known tax liability on an extension form.
|
CrowJD (talk|edits) said:
| 15 April 2008
|
| Do you have some idea of what they owed last year? Give them a call. I would put at least something in if you know they usually pay. If they're self-employed, Scd. C, and don't pay their estimates, it's pretty much a slam dunk they'll owe something.
|
Wwtaxes (talk|edits) said:
| 15 April 2008
|
| You have responsibility in 2 ways - to the IRS (and possibly state), and to the client. When clients ask for an extension, I tell them that it is an extension to file and not an extension to pay. Once they understand that they will likely get assessed interest and penalties, they usually will give a rough idea of what they might owe, either directly or indirectly, or they might just tell you what they can afford to pay.
|
To join in on this discussion, you must first
log in.
