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FOR IMMEDIATE RELEASE: April
12, 2005
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Three Days To Go Until April 15 DALLAS — The April 15 tax filing deadline is only three days away, creating a flurry of activity among Texans still trying to prepare their returns. If the thought of completing your return by April 15 is sending your stress level through the roof, the Texas Society of Certified Public Accountants reminds taxpayers that they can file an extension. All you need to do is file Form 4868 to obtain an automatic four-month extension. However, it’s important to note that an extension provides more time to file your tax return — not more time to pay your taxes. In fact, with an extension, the IRS expects you to estimate your tax bill and pay it by check, money order or credit card. What if you don’t have enough money to pay the estimated taxes? As long as you submit your extension on time and make a good faith estimate of your tax liability, the IRS will not assess a late-filing penalty. However, they will charge you interest on the unpaid balance and assess a late-payment penalty of ½ of 1 percent of the unpaid tax per month up to a maximum of 25 percent. Need more tax help? Visit the Texas Society of CPAs’ free online consumer resource, www.ValueYourMoney.org, and get answers to frequently asked tax questions. WHAT: Tips for filing an extension WHERE: www.ValueYourMoney.org, the Texas Society of CPAs’ free online consumer resource FOR MEDIA INTERVIEWS: To schedule an interview with a CPA, contact Sarah Seals at 972-687-8688, 1-800-428-0272 ext. 688, or sseals@tscpa.net. ABOUT TSCPA: TSCPA (http://www.tscpa.org) is a nonprofit, voluntary, professional organization representing Texas CPAs. The society has 20 local chapters statewide and has 27,000 members, one of the largest in-state memberships of any state CPA society in the United States. TSCPA is committed to serving the public interest with programs that advance the highest standards of ethics and practice within the CPA profession. [ Top ] |