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Filing and Paying Timely

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Transcript for Filing and Paying Timely

JEAN:
This is Jean Wetzler.
I'm talking with Phyllis Grimes about filing and paying your business taxes on time.
Phyllis, what options do business owners have if their tax returns aren't ready to file by the due date?


PHYLLIS:
Extension with payment - minimize penalties and interest.
Then, file as soon as possible.
IRS may file a substitute return.
Only info from other sources - no exemptions, expenses, etc.
May overstate liability.
No Social Security credits; disability benefits.
Best course of action: file accurately, on time.


JEAN:
Let's say the tax return was filed on time, but the business owner couldn't pay?


PHYLLIS:
Filing on time: good (stopped penalty).
Pay something, if possible (less penalty/interest).
We've streamlined our policies.
Alternatives if can't pay in full with the return.
Example: installment agreement to pay over time.
Caution: interest and penalties continue.


JEAN:
That's good to know for now.
Any suggestions for avoiding problems in the future?


PHYLLIS:
Good recordkeeping.
Make estimated payments to cover your tax liability.
We can help you figure out payments, and get you enrolled in EFTPS.
Financial circumstances change - make adjustments.
Example: increase in income, selling an asset may change estimated payments.


JEAN:
Where can viewers find more information, and where can they get help?


PHYLLIS:
IRS.gov Small Business Tax Center - IRS.gov/smallbiz (with a z)
Section: "Filing Late and/or Paying Late".
Free info online.
Help by phone and in person.
Reach out to us - don't delay.
Prevent problems from growing.


JEAN:
Thank you, Phyllis.
I've been talking with Phyllis Grimes of the IRS.
This is Jean Wetzler.

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