03/28/2025
17% to 24% of taxpayers are considering not filing this year. There are steep consequences that can come from not filing your taxes. Other consequences can effect your ability to get a loan particularity a home buyer loan or financial aid in the case of schooling and medical assistance. A simple phone call to our office can ensure you have an extension filed to grant you extra time. 816-252-0728
An excerpt from CPA Advisor with a link to the full article below.
"Americans are grappling with an "overwhelming news cycle, and recent developments regarding the IRS have not been helping with their tax anxieties,” Courtney Alev, consumer financial advocate at Intuit Credit Karma, said in a statement. “We’re also seeing this could drive irresponsible behaviors among some misinformed consumers who think they can use recent disruptions at the IRS as a reason to ignore their tax filing responsibilities. There are steep consequences that can come from not filing your taxes, and I urge people to not lose sight of their civic duty to do so. If you haven’t filed, do so as soon as you can, and if you need an extension to file, you can easily request one from the IRS before April 15. However, if you owe taxes, you’ll still need to pay by the April 15 deadline to avoid penalties and interest.”
According to the IRS, the failure-to-file penalty is usually 5% of the tax owed for each month your return is overdue, up to 25% of the bill. If your return is more than 60 days late, the minimum penalty is $510 or the entire amount of tax owed, whichever is smaller. The late-filing penalty maxes out after five months of your return being late, but other penalties and interest may continue to accrue.
Disruptions at the IRS have some people, especially millennials, thinking about cutting corners on their taxes, while some are considering forgoing filing altogether, according to Intuit Credit Karma.