Harvey was quoted again by Bloomberg: “Fear of Filing? Some Taxpayers Finding Tax Bills, Not Refunds.”
There are many kinds of penalties the IRS can assess against individual and business taxpayers. One of the most financially severe, is the failure to file penalty.
So, as a “rule of thumb,” extensions should always be timely filed, followed by timely filing of the related tax returns.
Even if you have a balance due — make sure to file on time even if you can’t pay on time!
Please see the attached article for further expansion on this topic: https://www.bloomberg.com/
