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This Friday 15 October officially concludes the season of taxes for those who requested an extension of the due date of payment and changes in the tax code. For people who requested extensions, they will no longer have time to send the Internal Revenue Service (IRS) their tax return corresponding to 2020.
According to IRS figures, 16. 5 million people requested a tax filing extension to its original date declaration limit which was in May. This action would mean that the citizens who requested the extension at this point have the issue resolved and it is only a mere procedure to present the documentation.
Now, Those who still do not have what they need still have until the remainder of today, tomorrow and part of Friday to present their tax process to the federal tax agency. Assuming that doesn’t happen then, delinquent taxpayers will not be able to claim outstanding stimulus checks and other benefits that have been given. government.
It is important to note that there are many cases of taxpayers who have not been able to pay their taxes in full, although this is the case, it is recommended that they file their return to avoid the IRS fines the person. By filing the return, the declarant will have the opportunity to request a payment plan .
The penalty for not filing the tax return starts at “5% of unpaid taxes for each month or part of a month that a tax return is overdue, ”the IRS reported. The penalty for payment begins at “0.5% of unpaid taxes for each month or part of a month in which the tax remains unpaid.”
The Internal Revenue Service was clear in informing that the maximum total fine for not complying with tax obligations would represent 47. 5% , that is, a total of 22. 5% for late submission and 25% for payment
On the other hand, this is the scenario of those people who do not owe taxes and are owed a refund, has a three-year window to file your return without fines. But after three years, the unclaimed money goes back to the Treasury Department.
Under situation, the IRS estimated that this year, at least, 1.3 million taxpayers are in real danger of missing out on their tax refunds for 2017 if they do not file their tax returns for the fiscal year 2020.
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