Don’t inadvertently miss filing deadlines

Tuesday, 8 April, 2014

If you still file a paper return, it’s important to know the IRS’s “timely mailed = timely filed” rule: If your tax return is due April 15, it’s considered timely filed if it’s postmarked by midnight on April 15. But just because you drop your return in a mailbox on the 15th doesn’t mean you’re safe.

Consider this example: On April 15, Susan mails her federal tax return with a payment. The post office loses the envelope and, by the time Susan realizes what has happened and refiles, two months have gone by. She’s hit with failure-to-file and failure-to-pay penalties totaling $1,000.

To avoid this risk, use certified or registered mail. Alternatively, you can use one of the private delivery services designated by the IRS to comply with the timely filing rule, such as DHL Same Day service. FedEx and UPS also offer a variety of options that pass muster with the IRS. But beware: If you use an unauthorized delivery service — such as FedEx Express Saver® or UPS Ground — your document isn’t “filed” until the IRS receives it.

If you haven’t filed your return yet and are concerned about meeting the deadline, another option is to file for an extension. Doing so has both pluses and minuses, depending on your situation. Please contact us if you have questions about what you should do to avoid penalties for failing to file or pay.

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The blogs were developed with the understanding that Steiner & Wald,  CPAs, LLC is not rendering legal, accounting or other professional advice or opinions on specific facts or matters and recommends you consult a professional attorney, accountant, tax professional, financial advisor or other appropriate industry professional.  These blogs reflect the tax law in effect as of the date the blogs were written.  Some material may be affected by changes in the laws or in the interpretation of such laws.  Therefore, the services of a legal or tax advisor should be sought before implementing any ideas contained in these blogs.  Feel free to contact us should you wish to discuss any of these blogs in more specific detail.