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#3
02-15-2006, 02:56 AM
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 Re: Will I owe a late fee for 2003? Nan, EA in LA wrote: - quote - > Without the Regs at hand, top of my head is: a 50% penalty
Thank you, Paul and Nan. I feel better now. I'll get those> based on $10 is all of $5. > Plus, of course, interest for the two years at 5 to 6% ..... > I wouldn't call it substantial. taxes filed right away. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
02-15-2006, 01:39 AM
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| Re: Will I owe a late fee for 2003? <my_dollars[at]mail.com> wrote: - quote - > I've just now completed my taxes for 2003 and 2004 and am
interest and penalties are computed as a percentage of the> ready to file them. I'm due a refund for 2004, but owe about > $10 for 2003. > My concern is with 2003. Obviously, I'm not worried about > the $10. However, will I owe late fees? If so, since I'm two > years late in filing, could there be substantial penalties? amount owed. I wouldn't worry too much about how much would accrue on a $10 balance due. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
02-14-2006, 06:23 AM
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| Re: Will I owe a late fee for 2003? Without the Regs at hand, top of my head is: a 50% penalty based on $10 is all of $5. Plus, of course, interest for the two years at 5 to 6% ..... I wouldn't call it substantial. Nan, EA in LA << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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02-14-2006, 06:04 AM
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| Re: Will I owe a late fee for 2003? <my_dollars[at]mail.com> wrote - quote - > I've just now completed my taxes for 2003 and 2004 and am
Yes, you will owe a late fee (late filing and late payment).> ready to file them. I'm due a refund for 2004, but owe about > $10 for 2003. > My concern is with 2003. Obviously, I'm not worried about > the $10. However, will I owe late fees? If so, since I'm two > years late in filing, could there be substantial penalties? The really bad part is, even at 100% penalty rates (which they aren't), you'll owe another $10. I'd just send in the return with the computed $10 and see if you ever get a notice for the other couple of bucks. They may not send anything out. -- Paul Thomas, CPA paulthomascpapc[at]bellsouth.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
02-11-2006, 06:46 PM
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| Will I owe a late fee for 2003? I've just now completed my taxes for 2003 and 2004 and am ready to file them. I'm due a refund for 2004, but owe about $10 for 2003. My concern is with 2003. Obviously, I'm not worried about the $10. However, will I owe late fees? If so, since I'm two years late in filing, could there be substantial penalties? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| 2003, fee, late, owe |
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