En esta noticia
The Internal Revenue Service (IRS) warns on its official website about the importance of always filing the tax return on time, since failing to do so could bring important consequences for taxpayers.
Although the agency explains that it is common for the process to be delayed because the person cannot pay what they owe, the instruction in these situations is to file on time anyway to avoid greater complications.
By what date must the tax return be filed with the IRS
From the moment the season officially begins, taxpayers usually have time to file their Form 1040 until April 15.
“If the 15th falls on a Saturday, Sunday, or an official holiday, the due date will be postponed until the next business day,” the tax agency states.
IRS extensions
Requesting an extension allows the taxpayer to file the return without penalties until October 15, although this only applies to the act of filing the return; any taxes owed must be paid before the second half of April. The steps to request it can be found here.
If it is not filed on time and no extension is requested, noncompliance penalties will be charged.
Consequences of not filing the tax return on time
Failing to meet this tax obligation can result in:
- Delays in receiving refunds: they will not be collected until after filing.
- Penalties and interest.
In addition, it is stated that the IRS may file a tax return on behalf of the taxpayer, called a Substitute for Return (SFR), and since the taxpayer’s exact information is not available, their tax situation may be inaccurate, which results in higher taxes than are actually owed or an inaccurate refund.
“The return we prepare for you will become a tax assessment, which, if you do not pay it, will start the collection process. This process may include actions such as a garnishment of your wages or bank account or a notice of federal tax lien,” it warns.
In certain cases, the right to claim a refund may be lost if the tax return is not filed within the established deadline by which it is allowed to be claimed.
Social Security benefits may also be affected by not filing on time: those who work for themselves and do not report their income will not have the portion corresponding to retirement or disability benefits calculated.
Important information for those who must file an overdue return
The agency’s instruction for those who need help filing an overdue return is to call 800-829-1040 or 800-829-4059.
If you have received a notice, a copy of the overdue tax return must be sent to the address listed on the official notice and, in general, the IRS will take around six weeks to process it.