If You Missed the May 17th Deadline to File and Pay Taxes
The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2020 tax returns or paid their tax due.
If an individual taxpayer is owed a refund, there’s no penalty for filing late. On the other hand, tax owed and not paid by May 17, 2021 is subject to penalties and interest. Anyone who didn’t file and owes tax should file a return as soon as they can and pay as much as they can to reduce penalties and interest.
Filing soon is very important because the late-filing and late-payment penalties on unpaid taxes add up quickly. However, in some cases, a taxpayer filing after the deadline may qualify for penalty relief. Taxpayers who have a history of filing and paying on time often qualify for administrative penalty relief. A taxpayer usually qualifies if they have filed and paid timely for the past three years and meet other requirements.
Accredited Tax Advisor
News from Cook & Co. Tax Advisors at 124 South Main Street in Arab, Alabama. Greg Cook is an Enrolled Agent, licensed by the U.S. Treasury Department to represent taxpayers before all administrative levels of the Internal Revenue Service (IRS). He is also a Certified Public Accountant licensed by the states of Alabama and Tennessee.