The Deadline to file corporate tax returns (forms 1120, 1120A, and 1120S) is Monday March 16th, 2015. Most corporate returns are required to be filed electronically therefore they must be sent to the IRS before midnight on the 16th. If for some reason you are filing a paper corporate tax return, the post mark on the envelope must show 11:59pm or earlier in order to avoid late filing penalties.
If you require more time to file your corporate return, you can request a 6-month extension by filing federal Form 7004 and any corresponding state(s) extensions, however these too must be electronically filed or mailed before the March 16th Deadline.
So, you worked hours on your tax return, gathered your documents, filed on time and you are now awaiting your tax refund with eager anticipation. All is well until that moment of mild terror when you realize you forgot to include a vital document or deduction on your taxes. Don’t panic: all is not lost. There are ways to include missed information on your taxes, even if you’ve already filed them.
File an Amended Tax Return
When you’ve omitted information on your return, the IRS allows you to file an Amended U.S. Individual Income Tax Return called Form 1040X. However, you can’t e-file amended returns; they’ll have to be submitted it in paper form which increases the wait time by many weeks for any potential additional refunds.
Reasons to File
There are lots of reasons you might need to file an amended tax return, but there are some things that don’t necessitate one. You’ll need to file a 1040X form if you have experienced a change in your filing status, income, credits or deductions. But you do not have to file if you caught a math error after the fact. The IRS is pretty good about catching these types of mistakes and usually adjust these automatically for you. For example, If you forgot to attach the proper tax forms and a W2 is missing, there’s no need to file this amended form. You should get a request from the IRS requesting any missing items. The IRS can easily find income that you may have omitted from your tax return, but sometimes it can take a very long time for the IRS to notify you. That means if you made an error where you underpaid your taxes in some manner, you will accrue penalties and interest until your tax liability is paid in full. It could pay for you to file an amended return to minimize penalties & interests. On the other hand, the IRS isn’t as well-equipped for finding missing credits or deductions that you may have overlooked, and which could increase your refund. In this case, don’t wait until you get a letter from the IRS looking for more information. Instead, be proactive and file the amended return. After all it’s your money and the IRS does NOT have to pay you interest for holding onto your well deserved refunds.
You have three years from the original filing date to submit Form 1040X, or two years from the date of tax payment. You’ll need to submit a separate 1040X form for each tax return you’re amending and mail them separately to the IRS. Also, don’t assume they are all being mailed to the same mailing address. There are usually separate processing PO Boxes for each tax year you are amending. If you plan on claiming more of a refund, you must wait until you get your original refund in the mail or via direct deposit before filing the 1040X. Again, keep in mind that amended refunds take awhile to process, so it could take up to 12 weeks before you receive anything. If you owe more taxes as a result of the amended return, pay what you owe right away to avoid fees and penalties from piling up, as the IRS will begin charging you based on the due date of your original tax return.
Track Your Status
Similar to tracking your original refund status, the IRS has a Where’s My Amended Return? tool (you can also check R&G Brenner’s Where’s My Refund page as we include State Refund links as well) that you can use to track your amended return’s status. Alternatively, you can call the IRS at 866-464-2050. Have your taxpayer identification number or social security number handy, along with your date of birth and zip code.
If you forgot to include some vital information on your tax return, follow the steps above to make sure you pay all the right taxes and get your full refund. Or, simply contact an experience R&G Brenner tax professional today, and we’d be happy to assist you.
The good news first: no audits! The Internal Revenue Service is suspending all audit activities while the federal government is shut down.
And that’s pretty much it for good news.
Here’s the bad news: if you’re on extension, your 2012 federal income tax return is still due on October 15, 2013. And yes, the IRS will cash your check on time.
But the door doesn’t swing both ways. If you are due a refund, it will likely be delayed (the extent of the delay is largely dependent on the length of the shutdown).
Walk-in assistance centers for taxpayers will be closed. Similarly, the IRS will not pick up the phones: all telephone hotlines would be closed.
Hopefully the budget dispute will be resolved quickly, but we are entering unknown territory as this shutdown is very different from past shutdowns, mainly because zero appropriations bills have been passed in the interim. In other words, Republicans & Democrats can not even agree to pass the things they agree on; like paying our military service members. This will almost certainly extend the shutdown and the pain of taxpayers trying to process their tax returns and receive their refunds. Judging from taxpayer comments here, the IRS has not been very much help in expediting refunds or explaining delays before the shutdown. But even paltry service is better than no service at all….isn’t it?
As the April 15th Deadline rapidly approaches, there are still hundreds of thousands of taxpayers expected to file the final week of the tax season. The late start to the tax season and the fact that we are getting reports from clients that they still have not received all their tax documentation in order to file is making this last minute crunch even more magnified. Here are some last minuted tax-tips (even if you’ve filed already)
1) IRS E-mails: If you’ve received an email from the IRS relating to your refund or requesting taxpayer information, DON’T REPLY! This is a common scam that thieves use to steal your identity. Don’t even open the email if you can avoid doing so as some of these emails contain viruses or malware. The IRS never initiates contact via E-mail. If the IRS needs information from a taxpayer, they will send a formal notification via USPS mail on official letter head. If you receive any suspicious communications you believe are scams via email, forward them to email@example.com.
2) April 15th Deadline: Many taxpayers don’t realize that the deadline for filing a tax return only applies to those that owe money to the government. If you are due a refund the IRS allows you 4 years to file. It is always best to file and receive your refund the year you are due it, as the IRS does not pay interest. So, if you believe you are due a refund and you haven’t filed, have no fear, you’ve got plenty of time. No need to wait on line to file before the deadline. R&G Brenner has offices open after the tax season and throughout the year. Even if you file a day after the deadline, you should have no wait time to see a professional.
3) Filing Extensions: As stated above, if you are due a refund, you have 4 years to file your tax return and there is no need to file an extension. However, if you believe you will owe the IRS/State(s) and have not received all of your tax documents or you are simply not ready to file, you should consider filing an extension. Nevertheless, an extension for filing your tax return does not automatically grant you an extension to pay your taxes; the IRS still expects to be paid before the deadline. If you cannot pay all that is due, simply send what you can. The IRS will charge you interest on the balance due and you can set up a payment plan if you wish. If you do not pay, not only with the IRS charge interest but also a late filing penalty. The more money you owe, the steeper the penalty will be. So, file on time, or file an extension.
4) File Yourself or Use A Tax Pro?: The tax code is very complicated and littered with special credits & deductions. Unless you are filing a very simple return, it is almost never a good idea to file your own taxes. Simply put, even in this day and age, a computer questionnaire is not an adequate replacement for a professional. Check out the True Cost of Doing Your Own Taxes. On average, refunds using a Tax-Pro are $347-$841 HIGHER than Do-It-Yourself programs. The time you save is just as valuable–if not more so–that the money you’d spend on a professional.