LTSLLC wrote:

- quote -

On another board we are discussing whether it is proper to
file an extension after one has filed an original return.

what say y'all?

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Larry got it right.

I recall a few cases while working at the IRS where
taxpayers filed a tax return late and didn't file an
extension. They later got audited for unreported income that
resulted in additional tax along with a late filing penalty.

Rudy
www.LizcanoTaxServicesLLC.com

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eja_bhoot2000[at]yahoo.com wrote:

- quote -

If you do not file the extension and at some time in the
future, IRS assess an additional tax, you could be hit with
late penalties. Filing the extension is sort of like buying
insurance.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

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You may also lose certain elections.

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<deja_bhoot2000[at]yahoo.com> wrote

- quote -

So does the IRS. You only lose the use of your overpayment
till the return gets filed and that overpayment is refunded.
You also have just a few short years to file the return for
a refund. After the third year, you can fiile all you like,
but any overpayment will not get refunded.

There are however, some credits that may not be valid on a
return that gets filed late (ie: without an extension).
Wherever you see the term "timely filed return (including
extensions)" probably means that a return without an
extension, filed May 1st, will get that credit, etc denied.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

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Actually nothing happens if they owe you. Like filing
estimated tax vouchers, if you don't need them, or are
willing to pay the rather minor penalty for underestimation,
IRS is not going to jail you for not filing for an
extension or not filing estimated tax.

Nan, EA in LA

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Filing an extension form makes sense when there is a balance
due (along with paying an estimated due amount). However, if
a person has refund due but is not able to file taxes by
April 15th (April 17th this year), why does IRS require an
extenison request?

California allows automatic extension is no balance is due.

Bhoot Nath

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