San Francisco Tax Preparation / CPA: Late Filers Should File to Limit Penalties

Filed in CCH NEWS FEED by on July 24, 2021

The IRS reminded taxpayers who missed the recent tax-filing deadline but are due a refund that there is no penalty for filing late if a refund is due. Those who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest.

The IRS also reminded taxpayers that an extension to file taxes is not synonymous with an extension to pay: penalties and interest will apply to taxes owed after May 17. The IRS urged taxpayers to file a tax return as soon as possible even if they are unable to afford to pay taxes owed, to reduce possible penalties.

Some taxpayers have additional time to file and pay taxes owed without accruing penalties and interest:

  • Members of the military who served or are currently in a combat zone—They may qualify for an additional extension of at least 180 days to file and pay taxes.
  • Support personnel in combat zones or a contingency operation in support of the Armed Forces—They may also qualify for extensions of at least 180 days to file and pay taxes.
  • Certain disaster victims—Those who qualify for special relief have more time to file and pay what they owe.