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The IRS is giving you a TAX extension? Well, maybe. Not really!
Mar 18, 2020 @ 6:00 pm - 7:00 pm PDT
You are hearing about this wonderful tax extension that the IRS is offering, BUT is it? And HOW do you take advantage of it? CAN you take advantage of it?
Guest, Dan Pilla of TaxHelpOnline.com explains 3 different extensions now available to people that can help get them past the Coronavirus crisis.
1. Extension of time to file. Form 4868. This option has always been available. Must be filed by April 15th. You don’t even need an excuse. You get 6 months to file. But you still have to PAY the tax by April 15th.
2. NEW Payment holiday. You must file ON TIME. The IRS automatically gives you 90 days interest-free to pay the money. To get the extension, you must file by April 15th. You aren’t eligible if you ask for an extension.
The BEST KEPT SECRET in IRS tax law…
3. Taxpayers have a right to payment extension. Form 1127. Application for extension of time to pay the taxes. You can get up to 6 months without penalty. You must demonstrate hardship to qualify for this.
Form 9465. Installment agreement request. If you owe less than $50k and can pay within 72 months, the IRS will almost always grant it. Penalties will be applied to this balance. BUT if you didn’t deliberately avoid paying, penalties and interest can be cancelled. Even if you make an honest mistake and owe taxes, the penalties can still be cancelled.
New book .. Dan Pilla’s Small Business Tax Guide. Dan says THERE’s NO SUCH THING AS A HOPELESS TAX CASE!