schirallicpa Posted January 8, 2021 Report Share Posted January 8, 2021 Do I still have to paper file a late 2019 return. Is there any tiny chance we can efile late returns yet? I really don't want this person going in a pile. Quote Link to comment Share on other sites More sharing options...
Lee B Posted January 8, 2021 Report Share Posted January 8, 2021 Best to wait until 1040 efile reopens in about 3 weeks, otherwise you will be waiting until sometime this summer 3 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted January 11, 2021 Report Share Posted January 11, 2021 On 1/8/2021 at 10:37 AM, schirallicpa said: Do I still have to paper file a late 2019 return. Is there a potential to minimize penalties for taxes owed? For example, if an extension was filed, then I believe late filing penalties would jump from 15% to 20% after January 15th. If an extension was not filed and tax owed, then probably already maxed out at 25%. Quote Link to comment Share on other sites More sharing options...
Pacun Posted January 11, 2021 Report Share Posted January 11, 2021 I owed 14K and the interest and penalty was about $200 each based on a letter/bill I received a week ago. I filed in time but I didn't pay, so I was expecting a 25% penalty for not paying plus interest. Quote Link to comment Share on other sites More sharing options...
grandmabee Posted January 11, 2021 Report Share Posted January 11, 2021 the disaster extension was to January 15th for no penalty and interest in you are in that area. So we must paper file by the 15th or be late. 1 Quote Link to comment Share on other sites More sharing options...
Max W Posted January 12, 2021 Report Share Posted January 12, 2021 On 1/10/2021 at 8:49 PM, DANRVAN said: Is there a potential to minimize penalties for taxes owed? For example, if an extension was filed, then I believe late filing penalties would jump from 15% to 20% after January 15th. If an extension was not filed and tax owed, then probably already maxed out at 25%. The IRS says "each month or part of a month" and nothing about the 15th of each month. So, all of Jan is 5% and then after Jan 31 another 5%. 1 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted January 13, 2021 Report Share Posted January 13, 2021 20 hours ago, Max W said: The IRS says "each month or part of a month" and nothing about the 15th of each month. So, all of Jan is 5% and then after Jan 31 another 5% That sounds right Max, thanks. Quote Link to comment Share on other sites More sharing options...
Max W Posted January 14, 2021 Report Share Posted January 14, 2021 8 hours ago, DANRVAN said: That sounds right Max, thanks. In actuality, it breaks down to 4.5% late filing and 0.5% late payment per month, so when the IRS issues a letter with the penalties it will show late filing as 22.5%. The late payment penalty maxes out at 25%. Quote Link to comment Share on other sites More sharing options...
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