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TAX SEMINARS SINCE 1995

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Considerations for Extensions

Preparing client extensions requires practitioners to use estimates for unknown amounts.  It is important to warn clients that the actual amounts of income or deductions, when they become known at a later date, may differ from the estimated amounts used to prepare the extensions. 

Practitioners should warn clients in writing, indicating that differences between actual amounts and estimates could cause the client to owe additional taxes, including penalties and interest, when their returns are finalized. 

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.