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It seems like yesterday I filed extensions for my clients urging them to get back to me soon as possible and not wait until October 15th to give me the information to file their 2010 tax return. Well, guess what? We are less that 3 weeks away from the deadline and it is approaching fast. Before you know it your tax professional will be sending you a reminder notice to get ready for the 2011 tax season.
For those that filed an extension form 4868. You have until October 15 2011 to file your 2010 taxes. If you fail to file your taxes by the deadline the following could happen.
1) late filing penalty
2) possible penalty of 5% per month of the unpaid tax
3) possibility of being audited
If you have not filed your taxes for 2010 please get with your certified tax professional, accountant or tax lawyer and file your taxes as soon as possible.
This is not something you want to play around with. In case you are not aware the government is in need of money and one the quickest ways to get an audit notice is to file your taxes after the deadline or not file for a particular year. Look at this as a public service announcement. Should you have any questions at all please feel free to post them below.
