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Replace Payment Field in the Demand For Extension Of Payment Date

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Aug 6th, 2022

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How to Replace Payment Field in the Demand For Extension Of Payment Date

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and today we are talking about tax day seven on your sides Michael Finney is here with me and on a normal year Michael wed be exactly one week away from the deadline right right but right for most of the people here in California taxes arent due for another six months but were still going to talk about it because theres so much to know there is and theres a lot of good reasons to file now oh okay well lets talk about that because right now we want to talk about the extension and what you need to know Larry Pond of pond and Associates joins us now thank you so much for being here we have a lot of questions for you Larry hello Karina Mike all right so first lets talk about that extension because you know so many people have questions about it uh Larry can you tell us who is impacted and what that extension just means overall right so normally taxes are due April 15th and thats been um the rule for for decades well April 15th is Saturday so then we go to the closest Monday which i

Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

What happens if I pay my tax estimate late?

If you dont pay enough tax through withholding and estimated tax payments, you may be charged a penalty. You also may be charged a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return.

What happens if you are late paying VAT?

If your accounting period started on or before 31 December 2022. HMRC will record a default on your account if you are late with your VAT Return or payment. Once youve defaulted, youll begin a 12 month surcharge period. A surcharge is an extra amount on top of the VAT you owe.

Can HMRC refuse a payment plan?

You will not be able to set up a payment plan if HMRC does not think you will keep up with the repayments. If HMRC cannot agree a payment plan with you, theyll ask you to pay the amount you owe in full.

What is the penalty for late payment of self assessment?

If you delay paying your tax by: 30 days youll have to pay 5% of the tax you owe at that date. 6 months youll have to pay a further penalty of 5% of the tax you owe at that date. 12 months youll have to pay a further penalty of 5% of the tax you owe at that date.

Is there a penalty for late payment of self assessment?

If you delay paying your tax by: 30 days youll have to pay 5% of the tax you owe at that date. 6 months youll have to pay a further penalty of 5% of the tax you owe at that date.

What happens if you cant pay your taxes by the due date?

If you find that you cannot pay the full amount by the filing deadline, you should file your return and pay as much as you can by the due date. To see if you qualify for an installment payment plan, attach a Form 9465, Installment Agreement Request, to the front of your tax return.

Will HMRC waive penalties?

HMRC penalties can be expensive and stressful but, thankfully, sometimes they can be appealed. If you have a reasonable excuse, your penalty may be amended or waived after an appeal.

How do I avoid IRS late payment penalty?

You can avoid a penalty by filing accurate returns, paying your tax by the due date, and furnishing any information returns timely. If you cant do so, you can apply for an extension of time to file or a payment plan.

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