“Today is gonna be the day that they’re gonna throw it back to you. By now you shoulda somehow realized what you gotta do.” -Oasis
It should be no surprise that today is the IRS tax deadline! If you owe, be sure you get your payment in the mail or submit online.
What that you say? You’re filing an extension. Yes, you still have to pay your taxes! Extending your tax return gives you additional time to file returns without penalty. You may be waiting on outstanding documents or your return is more complex due to pending guidance or legislation or it’s just more complicated because of 2020!
Regardless of the reason, make sure your CPA has enough information to calculate a balance due or a refund. After today, penalties and interest will accrue on income tax payments.
The IRS will let you extend your tax return filing but they won’t let you extend the tax payment. Get that done today!
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