Discussion:Tax Return filings that are close to the extension due date

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Revision as of 14:04, 9 June 2009
Anne (Talk | contribs)
(I would always j)
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Taxea (Talk | contribs)
(I agree with Tri)
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{{ForumReplyPost|UserID=Anne|Date=9 June 2009|Text=I would always just do an extension and pay the 110% plus enough to cover an estimate of the first quarter of the next year, if you can get them to do that.}} {{ForumReplyPost|UserID=Anne|Date=9 June 2009|Text=I would always just do an extension and pay the 110% plus enough to cover an estimate of the first quarter of the next year, if you can get them to do that.}}
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 +{{ForumReplyPost|UserID=Taxea|Date=10 June 2009|Text=I agree with Trillium. If you knowingly file an incomplete return it could fall on you. File the extension with an over estimated payment, worst that can happen is the client will get a refund.
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Revision as of 06:42, 10 June 2009

Discussion Forum Index --> Basic Tax Questions --> Tax Return filings that are close to the extension due date
Discussion Forum Index --> Tax Questions --> Tax Return filings that are close to the extension due date

Www.cpa1.biz (talk|edits) said:

8 June 2009
Members,

I usually get a few new clients during the time that their tax return is close to the extension due date. A lot of the times, these are sole prop businesses and I don’t have all of their paperwork to estimate taxes owed. To avoid paying late filing penalties, is it worth filing a tax return that's numbers are not so accurate. Once we get all of the information that we need to wrap up the return, then we file an amended return.

Or do you recommend overpaying what you think will be owed for taxes and then filing once you get all of the information?

Please inform me what you usually do.

Thanks.

Blrgcpa (talk|edits) said:

8 June 2009
I'd file the return and then amend it. Get the return in on a timely basis.

Trillium (talk|edits) said:

8 June 2009
If you don't have enough info to get a semi-close estimate for the extension, how the heck can you get a return that's close enough? Filing a reasonable enough extension eliminates the late filing penalty, and knowingly filing a false or incomplete return invites other penalties for both you and TP.

Please see Preparing individual tax returns with poor records and No Records for TP, and see D&T's post at the end here.

Also don't ignore the safe harbor rules. Depending on the circumstances, paying same as (or 110% of) P/Y tax may be a no-brainer.

Anne (talk|edits) said:

9 June 2009
I would always just do an extension and pay the 110% plus enough to cover an estimate of the first quarter of the next year, if you can get them to do that.

Taxea (talk|edits) said:

10 June 2009
I agree with Trillium. If you knowingly file an incomplete return it could fall on you. File the extension with an over estimated payment, worst that can happen is the client will get a refund.
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