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Noel Santos
Emmanuel A. Santos JD CPA, Incorporated
447 Sutter Street, Suite 714, San Francisco, CA 94108
Phone: 415-362-8921
Fax: 415-362-8924
Cell: 415-412-5839
Email: noel@eas-cpa.com
Website: www.eas-cpa.com
Your Business...Your Family...Our Concern
March 2023
March 2023 Q and A
QUESTION:
What happens if I file my tax return late?
ANSWER:
If you don’t file for an extension using Form 4868, which pushes your filing deadline to October 15, filing your income return late comes with a 5% Failure to File Penalty if you owe tax. The penalty is calculated for each month or pro-rated for partial months that the return is late. And the IRS charges interest on penalties until you pay your balance in full.Depending on your situation, you may apply for a penalty abatement to have your fines reduced or eliminated.
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