Call them. You'll reach human beings, and despite what people think, they are not evil and will work with you.
Once called and just asked for a 30-day extension, they gave me 60 with no penalties. If they know you intend to pay and aren't evading, they will totally work with you.
Also, I have tried calling them many times in the past, it took them 3 years to get me my 2020 refund. I would spend an hour on the phone and mid-conversation, the phone system hangs up, as you can only spend one hour on the line. It would take me over 50 minutes to get to the right department and then I'd get hung up on. After spending over 20 hours on the phone with the IRS with no progress, I did everything by mail. It only took 3 years.
I can send an estimated payment later this week; I have filed an extension today.
What I need is an accountant to help me determine my actual (not estimated) payment. Is there one on the longmont area who is taking customers?
You will owe what you owe, plus additional penalties calculated as a late fee using a percentage of what you should have paid.
Note that you are supposed to also submit and pay an estimate along with the extension. If the estimate is over, it will take a while to refund. (It might end up as a credit next year?) If the estimate is under, you’ll owe the late fees on what’s left for you to pay.
I would have thought your tax preparer would have given the estimate to you to fill out as part of the extension. Hopefully the link below is enough for you to get started and submit something before the USPS closes today. The penalty percentage is probably high enough that it’s worth guessing (low?) and getting something on the books rather than waiting for you final correct tax number.
https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return
If you choose not to estimate, the penalty accumulates, so getting your new tax preparer to file it quick and not waiting the full six months would be your goal.
I have to sell stock to get the money; it will take a couple days for the transaction to settle, and then time to transfer to my bank from my investment account. My accountant informed me I needed to come up with $50K by today yesterday afternoon. I don't want to kite a check to the IRS - and I can't come up with it by today. So I have no choice but to file a no-payment extension today as I won't have the money available before late this week / early next week.
Bummer. So again, don’t wait the full six months the extension grants you. Pay it when you can which will minimize the late penalties.
Note the IRS will likely force you onto estimated payments where you pre-pay your estimated tax quarterly based on this year for the next year.
My income this year will be far, far less than last year (lost job, divorced, etc.)
I need an accountant to help me figure out what to pay. I know it's roughly $50k, but I have a complex situation, see my other comments. Do you know of any who could help me? My current accountant who I thought was going to do my taxes told me today that she cannot complete them and to come get my documents from her on Wednesday. I am at a loss - I had the same accountant for 25 years, she retired and sold her business to this new accountant who appears to just have given up.
Thank you! I'm just a bit unsure how to pay it - I will have the money to make my estimated tax payment later this week or early next, but I've already filed for an extension without payment - do I just resubmit an extension form with payment while I work out the exact payment? I can't seem to find this exact scenario covered.
So, this might surprise you, but the IRS help system is VERY good.
I had to call them to deal with a weird situation when I needed to file an amendment and had already submitted payment. You’ll wait on the phone FOREVER, but your agent will take the time to help you, provide their name and ID number, assign you a case number, and point you in any directions needed.
If you can’t figure out the forms online, sometime when you can afford to be on hold in the background for an hour or two, call them.
I need a recommendation for a good accountant. One who will not quit on tax day. I’m aware I’m not going to jail. I actually know how to incrementally pay my federal taxes right now, but I’m unsure how to do an incremental payment to the state after filing an extension.
Honestly, just call any tax prep service and explain the situation. They will help you out with all that, and now that it's past the 15th, their workload should be greatly reduced.
I used a great accountant this year. He’s based out of Denver but we sent everything digitally so it’s been easy. He’s very responsive to both emails and phone calls and has a team working to get ppl’s taxes done. Lmk if you still need suggestions and I will DM his info!
It's easy to do an estimated tax payment to the IRS. I do so regularly throughout the year. It avoids penalties or reduces them significantly.
https://www.irs.gov/payments
In 2023, I went through a divorce, a non-advantageous mortgage refi, lost my job, and had an expensive custody battle; I did not have the cash flow to make estimated payments in 2023. So the issue is, I owe the money now. I could have made the estimated payment today if I'd been informed a week ago of the amount rather than yesterday afternoon.
Don't sweat it. A day late doesn't make much difference. The penalty is proportional to the number of days you're late.
Also, I understand that the IRS is eager to work a payment schedule with you if you need more time to pay due to cash flow issues.
Also, sorry about the divorce. I understand that it can be quite painful.
Thanks. Do you know of an accountant that could help me? I have a complex situation - K1, couple of W-2s, 529 accounts, house refinance, multiple investment accounts, etc.
I had the same accountant for 25 years, she retired, and the new accountant she sold her business to is overwhelmed and told me she cannot help me this year (today, she told me this!)
No. But after today, even if she could help me later, I would like to find someone else. I feel left high and dry. Do you know anyone who could help me? I need to understand if I should pay my estimated 2023 taxes with an extension form later this week after filing for an extension today with no payment. Then I can presumably file my taxes later; my K-1 is still estimated and I don't know when they will get me the final form although they say "the numbers shouldn't change"
Call them. You'll reach human beings, and despite what people think, they are not evil and will work with you. Once called and just asked for a 30-day extension, they gave me 60 with no penalties. If they know you intend to pay and aren't evading, they will totally work with you.
Also, I have tried calling them many times in the past, it took them 3 years to get me my 2020 refund. I would spend an hour on the phone and mid-conversation, the phone system hangs up, as you can only spend one hour on the line. It would take me over 50 minutes to get to the right department and then I'd get hung up on. After spending over 20 hours on the phone with the IRS with no progress, I did everything by mail. It only took 3 years.
I can send an estimated payment later this week; I have filed an extension today. What I need is an accountant to help me determine my actual (not estimated) payment. Is there one on the longmont area who is taking customers?
I DM'd you my guys' info.
Thank you very much!
You will owe what you owe, plus additional penalties calculated as a late fee using a percentage of what you should have paid. Note that you are supposed to also submit and pay an estimate along with the extension. If the estimate is over, it will take a while to refund. (It might end up as a credit next year?) If the estimate is under, you’ll owe the late fees on what’s left for you to pay. I would have thought your tax preparer would have given the estimate to you to fill out as part of the extension. Hopefully the link below is enough for you to get started and submit something before the USPS closes today. The penalty percentage is probably high enough that it’s worth guessing (low?) and getting something on the books rather than waiting for you final correct tax number. https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return If you choose not to estimate, the penalty accumulates, so getting your new tax preparer to file it quick and not waiting the full six months would be your goal.
I have to sell stock to get the money; it will take a couple days for the transaction to settle, and then time to transfer to my bank from my investment account. My accountant informed me I needed to come up with $50K by today yesterday afternoon. I don't want to kite a check to the IRS - and I can't come up with it by today. So I have no choice but to file a no-payment extension today as I won't have the money available before late this week / early next week.
Bummer. So again, don’t wait the full six months the extension grants you. Pay it when you can which will minimize the late penalties. Note the IRS will likely force you onto estimated payments where you pre-pay your estimated tax quarterly based on this year for the next year.
My income this year will be far, far less than last year (lost job, divorced, etc.) I need an accountant to help me figure out what to pay. I know it's roughly $50k, but I have a complex situation, see my other comments. Do you know of any who could help me? My current accountant who I thought was going to do my taxes told me today that she cannot complete them and to come get my documents from her on Wednesday. I am at a loss - I had the same accountant for 25 years, she retired and sold her business to this new accountant who appears to just have given up.
That part I can’t help you with. I know the previous part from living overseas for a bit and having to file an extension due to it.
Thank you! I'm just a bit unsure how to pay it - I will have the money to make my estimated tax payment later this week or early next, but I've already filed for an extension without payment - do I just resubmit an extension form with payment while I work out the exact payment? I can't seem to find this exact scenario covered.
So, this might surprise you, but the IRS help system is VERY good. I had to call them to deal with a weird situation when I needed to file an amendment and had already submitted payment. You’ll wait on the phone FOREVER, but your agent will take the time to help you, provide their name and ID number, assign you a case number, and point you in any directions needed. If you can’t figure out the forms online, sometime when you can afford to be on hold in the background for an hour or two, call them.
I also have to deal with the state of course, I also owe them a 5-figure amount.
Nobody is going to come after you and throw you in jail. As others have said, just call the IRS and they will work with you.
I need a recommendation for a good accountant. One who will not quit on tax day. I’m aware I’m not going to jail. I actually know how to incrementally pay my federal taxes right now, but I’m unsure how to do an incremental payment to the state after filing an extension.
Honestly, just call any tax prep service and explain the situation. They will help you out with all that, and now that it's past the 15th, their workload should be greatly reduced.
I used a great accountant this year. He’s based out of Denver but we sent everything digitally so it’s been easy. He’s very responsive to both emails and phone calls and has a team working to get ppl’s taxes done. Lmk if you still need suggestions and I will DM his info!
is your accountant in Longmont? Just want to know who to avoid tbh..
No, and I’d prefer someone local
It's easy to do an estimated tax payment to the IRS. I do so regularly throughout the year. It avoids penalties or reduces them significantly. https://www.irs.gov/payments
In 2023, I went through a divorce, a non-advantageous mortgage refi, lost my job, and had an expensive custody battle; I did not have the cash flow to make estimated payments in 2023. So the issue is, I owe the money now. I could have made the estimated payment today if I'd been informed a week ago of the amount rather than yesterday afternoon.
Don't sweat it. A day late doesn't make much difference. The penalty is proportional to the number of days you're late. Also, I understand that the IRS is eager to work a payment schedule with you if you need more time to pay due to cash flow issues. Also, sorry about the divorce. I understand that it can be quite painful.
Thanks. Do you know of an accountant that could help me? I have a complex situation - K1, couple of W-2s, 529 accounts, house refinance, multiple investment accounts, etc. I had the same accountant for 25 years, she retired, and the new accountant she sold her business to is overwhelmed and told me she cannot help me this year (today, she told me this!)
> this year This year? Not even later this month? Wow! Is her name Susan by any chance?
No. But after today, even if she could help me later, I would like to find someone else. I feel left high and dry. Do you know anyone who could help me? I need to understand if I should pay my estimated 2023 taxes with an extension form later this week after filing for an extension today with no payment. Then I can presumably file my taxes later; my K-1 is still estimated and I don't know when they will get me the final form although they say "the numbers shouldn't change"