Late filing penalty if taxes all paid by October 15th

Forum|Forum|4 years ago
October 11, 2021
2 replies
16 views

Does making a tax payment on 10-15-2021 to cover all federal taxes due stop a late filing penalty? This is assuming tax return was extended and not filed until after October 15th. I have a client who owes taxes, but will not be ready to file on 10-15-2021. If they make a payment on 10-15-2021 to cover the expected taxes due will they be charged a late filing penalty. I know they will have a late payment penalty and interest.

Lacerte Tax

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Best answer by TaxGuyBill

Yes.

Well, I suppose there could be a late-filing penalty of $0. 🙂

Be aware that there are some elections that are required to be on a timely-filed tax return, so filing late could prevent those elections from being made.

T

TaxGuyBillAnswer

Level 15

Yes.

Well, I suppose there could be a late-filing penalty of $0. 🙂

Be aware that there are some elections that are required to be on a timely-filed tax return, so filing late could prevent those elections from being made.