Willful Filing as Late For Income Tax Returns Even After Filing of Form 4868 and Beyond Attracts Penalty

Now we can see that how a failure of timely file of individual income tax returns on time even beyond the extended time of request through IRS form 4868 may result in a penalty called “Failure to Timely File Penalty” which come through section 27 of Code of Federal regulations (CFR) 24.274-Failure to timely pay tax or file a return.

By this CFR in force, the penalties for failure to pay tax at the time required, for willful refusal to pay the tax as per section 27 and for fraudulent nonpayment of tax are provided for in 26 U.S.C. 5661 and 6656. In addition to these penalties, there is a penalty for the delinquent filing of a tax return, imposed as an addition to the tax shown on the return, amounting to five percent for each month or fraction thereof of the minor crime or neglect of one’s duty, not exceeding 25 percent in the aggregate, unless it is shown that the neglect of one’s duty is due to reasonable cause and not to willful neglect.

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However in the case of individual or as common income tax filers, the fraudulent non-payment may not occur as presumed unless or otherwise those involved in spirits trade like wine, where-in this section 26 U.S.C. 5661 and 6656 as stated as whoever, with intent to defraud the United States, fails to pay any tax imposed upon wine or violates, or fails to comply with, any provision of subchapters of USA laws, or regulations issued pursuant thereto, or recovers or attempts to recover any spirits from wine, shall be fined not more than $5,000, or imprisoned not more than 5 years, or both, for each such offense, and all products and materials used in any such violation shall be forfeited to the United States.

This also includes other offenses as punishable and the law states-Any proprietor of premises subject to the provisions of subchapter of US law, or any employee or agent of such proprietor, or any other person, who otherwise than with intent to defraud the United States violates or fails to comply with any provision of subchapter or subpart of part I of subchapter A of US law, or regulations issued pursuant thereto, or who aids or abets in any such violation, shall be fined not more than $1,000, or imprisoned not more than 1 year, or both, for each such offense.

Here one should not get misconstrued about the subject as present in this blog but it is always about that whoever as an individual who need to submit the income tax returns to IRS within the prescribed time as April 15th of 2015 should be dutiful. Whatever tax as figured by such individuals if could not be paid can be deferred through request of IRS form 4868 and this may only extend time for payment and not time to pay tax as one have to pay truly to IRS.IRS will include interest payment along with figured tax dues. But when one tries to postpone the tax payments with interest even beyond the extension time of 6 months as given by IRS form 4868 then may violating the IRS law to call for undue penalty should be understood.

File your extension form 4868 in case for deferring tax payments upto six months through IRS certified tax partner http://www.Etax4868.com

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The 4868 Tax Form Explained: FAQs Answered

Tax Season, one of the most frustrating and stressful times of the year and for the first time ever, you have to file for an extension but you have no clue what it means or even how to go about doing it; which means even more frustration and stress but there is help for you, right here! Continue reading to learn more about the 4868 Tax Form and how it is considered to be one of the easiest forms you will ever fill out pertaining to your taxes. Official Name for Form 4868

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What is the Goal of this form?

The 4868 form is typically used to apply for a 6 month extension to have more time to complete your taxes and get them filed.

What are the qualifications for an extension?

In order to get an extension for your taxes to be completed and filed, all you really have to do is:

1. Properly estimate your tax liability using the information that is available to you

2.  Enter the total tax liability on line 4 of the 4868 form, and

3.  File the 4868 form by your regular due date of your tax return.

When should an extension be filed?

You must file your 4868 form by April 15^th. For those who are fiscal year taxpayers, you are required to file a 4868 form by your regular due date of your tax return.

I will be out of the Country on April 15, what do I do?

While you are out of the country and a US citizen or resident of the US, you are actually allowed up to 2 extra months to file your return as well as to pay any amount that may be due without filing an extension form. In the event of a calendar year return, which is typically in June, you can file a 4868 form; ensure that you have checked the box on line 8 if you need 4 months more to file your tax return.

Take note, if you are out of the country and you a US citizen or resident, you have the option to qualify for a special tax treatment in the event you meet the foreign residence or presence tests that are available.

What does ‘out of the country’ mean?

You are out of the country if:

·        You live outside the United States and Puerto Rico and your main place of work is located outside the United States and Puerto Rico, or

·         You are in military or naval service that is located outside the United States and Puerto Rico.

Take note that if you do qualify as being ‘out of the country’, you are still eligible for the extension even if you found yourself physically present in the United States or Puerto Rico on the usual due date of your return.

What ways can I file for an Extension?

There are 3 ways to place a request for an automatic extension to file a US individual income tax return.

1. You can file Form 4868 electronically by accessing IRS e-file using your home computer or by using a tax professional who uses e-file.

2. You can pay all or part of your estimate of income tax due using a credit card.

3. You can file a paper Form 4868.

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