Filing a tax extension

[lifesavacation]

I need a new accountant. He has failed to return the dozen emails and phone calls about today‘s tax deadline. I’ve asked him in the messages to file an extension since it’s clear we aren’t meeting the deadline but I have no idea if he’s done this. If I file an extension and he happens to also file an extension, is that problematic?

 

[LuvOrlando]

Uggh, I had an accountant do something like this a few years back. I went to the IRS and asked them if there was a filing on my behalf & got a printout that said no. My next step was the switch CPAs the following month to someone that specialized in tax issues in case the old CPA was up to something sketchy. Later we discovered another different old CPAs office was hacked and our info stolen so that was alarming to say the least, I know the feds were involved, which is how we learned about it, but no idea what came of it. A CPA in any state can file your taxes for you so if you are at all concerned I'd say firm it all up.

 

[SteveH]

I'd be standing in the office until I spoke with the accountant personally. But I would have been there about the time he failed to respond to a couple calls. Best of luck!

 

[_19disnA]

I would find a new accountant.

 

[gmi3804]

If you file an extension you still have to send a payment that you think will cover the eventual return. That payment will be added to, or subtracted from, your eventual actual tax due.

 

[soccerdad72]

As long as the estimated tax is paid, I don't think the IRS will care if they receive multiple extension forms from you and your CPA.

 

[lifesavacation]

I would find a new accountant.

Yep.

I'd be standing in the office until I spoke with the accountant personally. But I would have been there about the time he failed to respond to a couple calls. Best of luck!

Me too. This is what happens when my husband tells me he’ll handle it.

If you file an extension you still have to send a payment that you think will cover the eventual return. That payment will be added to, or subtracted from, your eventual actual tax due.

He’s actually still working on our business 1120S that he needed to file an extension for because he couldn’t meet the 3/15 deadline. So we still need the K-1s for our personal return. Depending on how the business taxes are completed, there could be a big difference in our personal taxes. It makes an estimated payment difficult but it looks like that’s what I’ll be figuring out today.

 

[barkley]

i THOUGHT a former cpa had filed an extension as we had requested only to learn after the fact she had not so i ended up having to appeal the penalties (wrote a letter detailing the circumstances) and only got stuck with the interest no penalties SO i don't think it will be an issue if 2 are filed just keep a copy of it (and anything i send to the irs i keep a dated screen print of or do it with proof of mailing date).

today is the deadline though.

 

[TAX GUY]

If they are also doing your 1120S, why would you think they forgot to file your personal extension?

To answer your question, go ahead and file one yourself, it'll either be accepted if another doesn't already exist or it'll be rejected because one was already filed.

Keep in mind, if an adequate estimate isn't paid with/for the extension, the IRS has the ability to disallow the extension and apply interest/penalty from the original due date.

 

[lifesavacation]

If they are also doing your 1120S, why would you think they forgot to file your personal extension?

To answer your question, go ahead and file one yourself, it'll either be accepted if another doesn't already exist or it'll be rejected because one was already filed.

Keep in mind, if an adequate estimate isn't paid with/for the extension, the IRS has the ability to disallow the extension and apply interest/penalty from the original due date.

The accountant failed to meet the deadline for 1120S (corporate docs given to him 4 weeks prior) and has gone totally MIA as we approach the deadline for the 1040. Without confirmation from him, I have no confidence the appropriate filings have been done.

Good to know about the possibility of a disallowance. Guess I need to estimate on the high side.

 

[princesscinderella]

Yep.


Me too. This is what happens when my husband tells me he’ll handle it.




He’s actually still working on our business 1120S that he needed to file an extension for because he couldn’t meet the 3/15 deadline. So we still need the K-1s for our personal return. Depending on how the business taxes are completed, there could be a big difference in our personal taxes. It makes an estimated payment difficult but it looks like that’s what I’ll be figuring out today.

You need to make sure you have 110% of your tax liability from last year withheld or paid in with the extension to avoid a penalty so that’s at least where to start in figuring out what to deposit. My account never does our 1120 by the 3/15 deadline and files an extension since we have an S-corp they do both at the same time and send them to me for final review.

 

[lifesavacation]

You need to make sure you have 110% of your tax liability from last year withheld or paid in with the extension to avoid a penalty so that’s at least where to start in figuring out what to deposit. My account never does our 1120 by the 3/15 deadline and files an extension since we have an S-corp they do both at the same time and send them to me for final review.

I definitely withheld110%. It's just really hard to estimate how much more might be due. Our business income varies and also it might depend on how the accountant depreciates new equipment. We're a manufacturing business.

We'll find a new accountant next year. Hopefully, somewhere sunny and we can take a couple of trips there to go over our taxes.

 

[White Cat]

Our CPA files an extension most years. But as others mentioned estimated payment still due. He had my wife send off $50,000 to the IRS last week. Figures we will owe that much more. Scheduled to get back $11,000 CAD. Not a good trade off.

 

[TAX GUY]

The accountant failed to meet the deadline for 1120S (corporate docs given to him 4 weeks prior) and has gone totally MIA as we approach the deadline for the 1040. Without confirmation from him, I have no confidence the appropriate filings have been done.

Good to know about the possibility of a disallowance. Guess I need to estimate on the high side.

If I'm understanding this reply correctly, and your corporate returns are not extended and/or not complete yet, you're looking at some steep MONTHLY penalties, assessed PER shareholder.

I'm also told that a payment made for/with an extension is an automatic filing for said extension (I don't know it that's 100% accurate, just what was mentioned on different tax pro's groups I'm in).

 

[lifesavacation]

If I'm understanding this reply correctly, and your corporate returns are not extended and/or not complete yet, you're looking at some steep MONTHLY penalties, assessed PER shareholder.

I'm also told that a payment made for/with an extension is an automatic filing for said extension (I don't know it that's 100% accurate, just what was mentioned on different tax pro's groups I'm in).

I should have been more clear. He did file an 1120S extension even though he had all the necessary documents to complete the return with plenty of time. The 1120S is still not filed. We can't complete our 1040 without the K-1s. He completely went radio silent so we weren't sure if he filed the 1040 extension as well.

 

[longboard55]

does an extension really do anything. The real date is October

 

[longboard55]

Here is my tax beef, I use Turbo tax, every year, because I forget, I start with the online version, and after paying without fail it will not submit because of errors that are unfixable on the online version. Then I have to buy the download version and end up paying for both. And next year I will probably to the same thing because I will not remember. This year they checked I had an LLC for something. Just where did they get that, I think they purposely put things in the online version that will show an error.

Anyway, all done and gone now. See you next year,

Here are my tax rules because no one puts out a good list

Number one reason for audit checks is mistakes, triple check all work

Make sure every document you receive in the mail with a tax ID is accounted for, another reason for audits

Be sure to report all income, even things like Ebay sales, they can and have come after people years later with fines

This is important if you report something like Ebay sales, be sure to report expenses to get the net income next to zero

Finally it is all a big computer program, do not pretend you have a better answer, put down exactly what is reported

Also, what good is waiting, file on time