Discussion:Extension with Balance Due
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Discussion Forum Index --> Tax Questions --> Extension with Balance Due
| 2 April 2007 | |
| Is there a way to electronically file the Form 4868, but have the client mail in the payment that is due with the extension? I don't see a voucher for doing this... | |
| 2 April 2007 | |
| If there is a balance due, there would be no real benefit in efiling.
My Question: According to the instructions for Form 4868, both irs web and within Proseries, the due date is 4/16, 4/17 for only 6 states. Why has proseries been printing instructions for filing using 4/17 for ALL returns? | |
| 2 April 2007 | |
| The benefit is that you have proof the extension was received by the IRS, just like when efiling a tax return. | |
| April 2, 2007 | |
| Surprisingly, there is no 4868-V. We e-file the extn, put also print the 4868 for the client to mail with their check. It makes me nervous to mail the IRS a check w/o a remittance. | |
| 2 April 2007 | |
Ah yes proof w/ efiling. DONK, I just bopped my forhead for you 
Anyone have an answer for the difference in dates due? | |
| 2 April 2007 | |
| It is 4/17th for all usual 4/15th deadlines in all states. Go to IRS website and search for Issue Number: IR-2007-015. Also, put your name on their email list - they emailed this right me. | |
Www.cpa1.biz (talk|edits) said: | 17 April 2007 |
| I thought the reason to file an extension is to avoid the failure to file penalty. Does this seem correct? Also, if client owes money and pays nothing, this stil avoids the failure to file penalty correct until 10/15/07??? | |
| 17 April 2007 | |
| "If you owe tax and don't file on time, the total late–filing penalty is usually four and one-half percent of the tax owed for each month, or part of a month, that your return is late up to five months. If your return is over 60 days late, the minimum penalty for late filing is the smaller of $100 or 100 percent of the tax owed. "
[[1]] | |
Death&Taxes (talk|edits) said: | 17 April 2007 |
| Exactly......as long as there is a semblance of accuracy to the document, it prevents a late filing penalty of 5% per month. | |
| 17 April 2007 | |
| I just print a hard copy of the 4868 and give it to the client to mail with the payment. No problem. | |
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