- Larry Hess CPA
- Albuquerque, New Mexico, United States
- I am a Certified Public Accountant in Albuquerque, New Mexico specializing in representing taxpayers who are unable to pay the taxes they owe or must file delinquent returns or are under audit. I am also a frequent presenter of IRS Small Business Workshops for new businesses and new employers. You can read more articles on my website.
Saturday, January 18, 2020
It's best to file on time. You will avoid the 5% per month late filing penalty. And you can request an installment plan. You should know that many people are afraid to file a return if they can't pay. That fear can start a cycle of not filing for multiple years. Penalties build up to the point that they can add as much as 50% to the tax. This creates a "hole" that is very difficult and expensive to dig your way out of.