A friend of mine managed to wait until the very last minute to file his taxes; his CPA filed an extension for fed, as well as the 2 states where he lives and works. However, he didn't make any payments for estimated tax owed in the state where he works. Apparently he paid roughly $200 dollars in state tax last year, so it's not likely to be a large amt this yr either, and the returns will be done in the next week.
Anyway, hes in a panic about potential ramifications regarding his license, so I wanted to see what you guys think. My assumption is that it's likely a non-issue. However I did see this on the AICPA website –
“Am I required to file a timely tax return? According to the “Failure to File a Tax Return or Pay a Tax Liability” interpretation (ET sec. 1.400.030) of the Code, members who fail to file their personal tax returns, those of their firm, or remit their payroll or other taxes collected on behalf of others on a timely basis, including extensions, may be considered to have committed an act discreditable to the profession.”
@Gr33nberry, I think he filed the extension because he was not prepared to file his taxes. If he doesn't file he will be assessed a penalty. If he doesn't file in a timely manner on those other subjects he knows what the out come will be. My advice is that he get those matters taken care of as quickly as possible. An extension is timely.
It begins with a 75
Been here too long as a cheerleader.....time to pass