Tax Extension

Can you file an extension after the deadline?

If you can’t file by April 15 and are wondering what to do if you miss the tax-filing deadline, the IRS will grant you a 6 month filing extension. While the extension gives you more filing time, you still have to pay at least 90% of your owed taxes by April 15th to avoid fines. But, what happens if you miss the tax extension deadline? If October 15 comes and goes without you having a chance to file, the consequences could be severe, depending on what you owe.

If you miss the tax extension deadline and…

You are owed a refund by the IRS:

Nothing is likely to happen. Since you don’t owe the IRS money, you won’t be fined. If you want your refund, however, you will have to file. The IRS will not remind you that they owe you money; you must file to receive your refund. If you do not file within 3 years, you will lose your refund. So, while there is no necessary rush, there is a chance you could lose out on money owed to you if you do not file.


You owe money to the IRS:

Expect fines and penalties. If you do not pay what you owe by April 15, you start accruing the 5% failure-to-pay fine for every month you are late. If you miss the October 15 deadline and still have not paid nor filed, the IRS will file a substitute return for you and they will not include any deductions that you may be subject to. If you still do not pay once the substitute return has been filed, the IRS will begin collection against you and take hold of your assets.


If you are concerned about late taxes and need a tax advisor, consider the tax experts at Paramount Tax and Accounting. We work closely with CPAs that can assist you with any filing concerns. If you are concerned about filing late and/or unsure of your ability to pay, we can assist you in finding IRS approved payment options, including:

  • Payment plans
  • The IRS Fresh Start Program
  • An Offer in Compromise

For a qualified tax advisor, Paramount Tax and Accounting is your trusted firm. Our tax advisors are experienced and work closely with CPAs. Contact us today for a Free Consultation.

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Rob has been our tax accountant and business advisor since 1998, when our area was devastated by flooding.The first thing he did was revise and correct discrepancies from our previous tax preparer. Early on in our relationship, he represented us before the IRS. His efforts and knowledge resulted in a very positive outcome.Rob continually updates his knowledge of tax laws and regulations to stay current, helping all his clients avoid costly errors and unnecessary taxation.You can count on his advice being ethically sound, up-to-date, and custom-tailored to each client. This is unique in our experience. As a thorough professional, Rob is available not just at tax time, but throughout the year for advice on tax matters and valuable discussions on business decision-making.He would rate six stars if that were available.
— Jack Kimmivh
Posted June 27th 2019
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I highly recommend Paramount Tax as your CPA! They are very professional, meticulous, and do things right!
— Julie Clawson
Posted June 23rd 2019
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I was a nervous wreck about many many years of Tax problems. When I entered Robs office he was understanding, reassuring and confident that it could be resolved. For the first time in 12 years I am hopeful. There are a lot of con men out there. Rob seems like the real deal! We have just started the process so I will tell you how it goes when we're done. But I am hopeful we can work with Rob to work it out.
— JoAnn Lujan
Posted June 21st 2019
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— Ivy Wesley
Posted June 21st 2019
Google
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