PHOENIX, Ariz. – The Internal Revenue Service recently provided late payment penalty relief to individuals and businesses requesting a tax filing extension due to forms attached to their returns that cannot be filed until after January.
The relief applies to the late payment penalty, normally 0.5 percent per month, charged on tax payments made after the regular filing deadline. It applies to any of the forms delayed until February or March, primarily due to the January enactment of the American Taxpayer Relief Act.
Taxpayers using forms claiming such tax benefits as depreciation deductions and a variety of business credits qualify for this relief. A complete list of eligible forms can be found in IRS Notice 2013-24.
Individuals and businesses qualify for this relief if they properly request an extension to file their 2012 returns. Eligible taxpayers need not make any special notation on their extension request but as usual, must properly estimate their expected tax liability and pay the estimated amount by the original due date of the return.
The return must be filed and payment for any additional amount due must be made by the extended due date. Interest still applies to any tax payment made after the original deadline. Further details on this relief, including instructions for responding to penalty notices, are available in Notice 2013-24.
Submitted by: Internal Revenue Service
Email: [email protected]