October 15th is the final individual income tax filing deadline for most U.S. taxpayers. This means that there are no more available extensions. It also means that if there is a balance due with tax returns filed past this deadline, the balance will be subject not only to interest and late payment penalties, but the more significant penalty, which is the late filing penalty, will also begin to accrue. This penalty is 5% of the unpaid balance per month (or partial month) that the tax return is filed past October 15th.
If you have filed your 2011 tax returns already…that’s great! You can relax until the next tax season…unless you are required to make estimated tax payments. For those taxpayers, please remember to make your third and fourth quarter estimated tax payments on their respective due dates, which are September 15, 2012 and January 15, 2013.
If you have not filed your 2011 tax returns yet, please contact your Wolf Group tax preparer as soon as possible to coordinate timely delivery of your tax returns. We will do everything we can to ensure that you will be able to file on time by theOctober 15th deadline!
ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN BY THE WOLF GROUP TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (i) AVOIDING PENALTIES THAT MAY BE IMPOSED ON ANY TAXPAYER OR (ii) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN.