Tuesday, October 20, 2009

Late Filers info

You will need to mail in your return to the IRS, whether you prepare the return yourself or hire an accountant. Here's a list of mailing addresses for sending your return to the IRS. Be sure to obtain proof of delivery when mailing in your return by using certified mail with return receipt requested.

If you have a balance due with the return, the IRS will impose penalties for filing late. Currently the penalties are:

  • 5% of the balance owed for each month or part of a month that the return is filed after the deadline;
  • 0.5% of the balance owed for each month or part of a month that the balance is unpaid; and
  • 4% annual interest charge on the unpaid balance.

Make sure you gather up all your tax-related documents. If you're missing any W-2, 1099, or other tax documents, you can ask the IRS to send you a copy of what they call the wage and income transcript. To request this you'll first need to fill out Form 4506-T. You can also get the printout from a local IRS office or through me.

John R. Dundon, EA - www.1040.com/jd - Taxpayer Advocate - Enrolled with the United States Department of Treasury to Practice before the IRS - Under contract with the United States Department of Treasury as a Certified ITIN Acceptance Agent - Direct phone # 720-234-1177

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