Best Tax Attorneys in San Antonio, TX

No it does not. The extension only applies to the filing of your return, not the payment of your balance due. Therefore, interest on your balance due will begin to accrue on the filing deadline, regardless of whether you received an extension.

Generally, there are three options available to a taxpayer: attempting to settle the liability for less than the full balance due by filing an offer in compromise, entering into an installment agreement to pay your liability in full over a series of monthly payments, or, if you cannot afford to make any payments to the IRS, requesting that your account is placed in temporarily non-collectible status. Which solution is right for you and acceptable to the government depends on your specific circumstances.

It is important that employers remit full tax deposits to the IRS with each payroll that is issued, or as otherwise required by their deposit schedule. It is never a good idea to forego making a deposit to meet other obligations. Doing so will subject the employer to penalties and interest and may result in the business owners and officers being personally liable for a significant portion of the unpaid taxes. If you simply cannot make the payment, contact our office for assistance with a payment plan.

This is simply not true. There is established federal case law available, including rulings from the United States Supreme Court, reinforcing the fact that individuals and businesses are required to report their income taxes to the IRS and pay federal taxes on their income. We do not proffer these agreements to the government nor do we represent sovereign citizens.

While you are not required to file a return for a year in which you did not receive income, it is important to do so for several reasons. First, if you filed returns for previous years, the IRS may assume that you were required to file a return in this year and prepare a substitute return estimating your income and overstating your tax liability. Second, you should file a return to report all the deductions and credits to which you are entitled, especially refundable credits for which you can receive a tax refund. Finally, by filing a return you start the clock running on the window in which the IRS can audit your return and determine that you owe additional tax.