When you miss a tax deadline, the IRS can impose significant penalties and interest charges on you or your business. You can be subjected to pay a late filing penalty and make a late payment. The late filing fees are generally more substantial than the late payment costs. The failure-to-file penalty usually starts at 5% of unpaid taxes per month, capped at 25%. The failure-to-pay penalty is typically 0.5% per month, starting the day after the due date. To accurately analyse the penalties and interests you would pay, there’s a need to look through your financial records which can be complicated. If you need help in this area, our CPAs are more than happy to help. Late tax preparation is one of our area of speciality at Providence Financial Services. We assist our clients navigate the complexities and mitigate potential penalties of late tax preparation and filing.
Our late tax preparation service is aimed at transforming your tax filing experience from overwhelming to seamless. We begin by assessing your specific situation, including the reasons for the delay and any correspondence you’ve received from the IRS. Our team meticulously gathers all necessary documentation like your income statements, deduction records, and relevant financial information. The analysis allows us to file your late tax accurately and reduce the likelihood of further IRS inquiries or audits. Also, we will assist with penalty abatement requests, where applicable. If you have a valid reason for filing late, such as a medical emergency or natural disaster, we advocate on your behalf to request a reduction or waiver of penalties.
Our services extend beyond merely catching up on missed deadlines. We provide comprehensive tax planning to prevent future late filings. We will help you set up a system to track important dates, organize financial records, and offer ongoing support throughout the year. Through our proactive measures, you can avoid the stress and financial impact of late tax filings in the future.
We have helped numerous individuals and businesses handle their late tax preparation with precision and care. Our experienced team is dedicated to helping you overcome past challenges and establish a solid foundation for timely and accurate tax compliance moving forward.
