October 15th Extension Deadline

In spite of the government shutdown that has shuttered many departments in the IRS, the deadline to file tax year 2012 returns remains October 15th. That means, even though the IRS may not be able to process your return, you still have to pay your taxes on time or risk penalties and interest for failing to file.  The IRS has issued the following tips:

• Taxpayers are encouraged to file their returns electronically using IRS e-file or the Free File system to reduce the chance of errors.
• Taxpayers can file their tax returns electronically or on paper. Payments accompanying paper and e-filed tax returns will be accepted and processed as the IRS receives them. Tax refunds will not be issued until normal government operations resume.
• IRS operations are limited during the appropriations lapse, with live assistors on the phones and at Taxpayer Assistance Centers unavailable. However, www.IRS.gov and most automated toll-free telephone applications remain operational.
• Tax software companies, tax practitioners and Free File remain available to assist with taxes during this period.

Many taxpayers–especially living in coastal NY & NJ–have not filed yet due to the destruction inflicted by Hurricane Sandy on property and tax records.  If you need assistance filing your tax returns, an R&G Brenner tax professional can help.