Sign up for our tax news emails for the latest tax changes:

    We will not share your email with anyone else

    Clients that Missed the Due Date

    Do you have clients that did not file their tax returns or extensions by the due date?  If you have not done so already, warn them in writing that they need to file as soon as possible to reduce the penalties and interest that may apply to the late-filed returns.  The penalty for failure to file a return is 5% per month of the balance due (maximum of 25%).  This is addition to interest and the separate penalty for failure to pay the tax on time, which is ½% per month (maximum of 25%).

    The information provided herein is provided with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional service. As such, M + O = CPE, Inc. and the author disclaim any responsibility or liability for the information supplied herein or the application of said information.