Snyder and Associates

 

Tax Byte

Tax Season Update

 
This week, the IRS finally released nearly all the forms and instructions for the 2012 filing season, with the exception of some impacting the filing of trust returns.  They also released the 2013 estimate worksheets that factor in not only the provisions of the 2010 Patient Care Act, but also the American Taxpayer Relief Act of 2012 that was passed on January 2, 2013  (editor's comment:  they sure know how to wrap these packages up in nice sounding names, don't they? But the devil is always in the details).
 
This delay in the filing season seems to have created the sentiment among taxpayers to not be in a hurry to get the tax records together and to the accountant. Remember, the IRS has not delayed the filing deadlines. If you don't want your returns put on extension, it's best to get the information in as soon as possible.  In our office, to avoid an extension, we need the information by March 22.  We are expecting a record number of extensions this year because of these factors.
 
A word of caution though:  an extension will eliminate any late filing penalty, as long as the returns are filed by the extended due date, but it will not eliminate late payment penalties and interest if there is a balance due, and it is not paid by April 15th (March 15th for corporations).  Any tax owed still has to be paid by the initial due date and can be done in the form of an extension payment.
 
As always, we're glad to assist you and your business in navigating our complex tax system. 

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