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Four Moves You Should Make if You Missed The April 18 Filing Deadline
April 20, 2017
April 18, 2017 was the deadline for filing 2016 individual tax returns. While many filed early, others procrastinated a little too long or are trying their best to simply avoid their tax tasks altogether. If you fall into the latter category then you're not alone. A recent survey finds some Americans are willing to go to the extreme if it means not paying taxes. If you did not send in a tax return or extension by April 18, and still have not, then here are four moves you should make as soon as possible: 1. File your return! You missed the deadline, but you should still get your return to the IRS right away. If you do not have all the tax information necessary to fill out your 1040, then fill out as much as you can now and amend it later. The IRS applied a non-filing penalty beginning on April 19 and it will continue to accrue until you submit your 1040. Send in as much as you can electronically (it's the fastest way) so the IRS knows you're aware of your responsibility as a tax payer and you're working to fulfill it. 2. If you owe, pay what you can now. Many times tax payers fail to file on time because they are unable to pay their tax bill in full. Once again, the best approach is to send as much as you can now, and work to fulfill your tax responsibilities as you're able. A partial tax payment reduces the amount upon which interest charges began accumulating on April 19 and it will help with the separate non-payment penalty, too. The IRS offers different e-payment options to help cater to different situations. Review them and select one that works best for you. 3. Set up a payment plan with the IRS. The IRS offers payment plans to help taxpayers with considerably large tax bills. To setup a payment plan directly with the IRS, submit Form 9465 (Installment Agreement Request) or visit IRS.gov and complete the Online Payment Agreement Application. 4. Don't forget your state returns! Each state has it's own rules and consequences for late/non-filers, but most use taxpayers' federal returns as the basis for state filings. In all likelihood if you didn't file your federal 1040, you probably didn't file your state return either. Like the federal taxes, the longer you put off your state taxes, the more you'll owe the state in interest and penalties. Even if you do not owe any taxes you still need to file. Filing late won't cost you anything in this scenario (except the money you would be due in your refund), as penalties are based on what you owe. So if you owe $0.00, then your interest is naturally $0.00. If you don't owe and are due a refund, don't expect to see it until you file. The IRS will not automatically send you your payment overage. Your tax return serves as a request form for those funds. If you are stuck, overwhelmed, or need support, please call us ASAP at 330.867.3578. We're standing by to help guide you through your tax responsibilities.
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