MEMPHIS, TN – It is everybody’s favorite time of the year.
Yes, that’s sarcasm.
“Tax Day” hits April 17, 2012; is it possible the Internal Revenue Service is offering to ease the pain a bit?
Nearly everybody struggles to understand the tax code itself, but what is known is you have to get everything in on time- or it will cost you.
But, don’t be scared of the IRS, it is possible they’re revealing a new, softer side designed to ease us through our tax day trepidation.
“The evening before the tax deadline is a magical time of year when all wishes come true,” declared an imaginary accountant in an online satire.
Well, not quite.
“It has been a very hard tax season,” said accountant Janice Forest of Jackson Hewitt Tax Service in Memphis, “very hard.”
But, for accountants and everybody else it comes to a close at midnight April 17, 2012.
However, even if you are filing for an extension to pay, you are required to get all paperwork in by the deadline.
“That allows you to avoid any late filing penalty.” said Dan Boone, an IRS spokesperson.
Thanks to the IRS’ Fresh Start program, if you owe $50,000 or less you can set up an online payment plan stretching out six years; and there’s more.
“Part of that Fresh Start program this year,” said Boone, “also includes a grace period. This may be the first time the IRS has offered something like this.”
Here’s how it works: fill out form 1127-A if you have been unemployed for 30 days or more, and late penalties can be waived for six months.
“This grace period allows you until October 15, 2012 to pay taxes due, without penalty,” Boone told abc24.com.
If you think you’re glad tax season is over, you should be an accountant.
“We’re going to close the office down on Wednesday,” said Forrest laughing, “then go home for the summer.”
If you are a last minute filer, here are a couple of important reminders.
“Number one, if they would come in and bring all the documents they need the first time that would help,” said Forrest.
And number two?
“If you owe us, please bring the money, bring the fee,” Forrest told abc24.com.
It’s always about the Benjamins.