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CFO says: the deadline to file your 2020 Individual Federal Income Tax Returns is October 15.
File timely to avoid non-filing penalties, even if you do not have the money to pay the income taxes.
The IRS takes non-compliance very seriously. Because receiving correct and timely information returns is essential to tax compliance. The penalties imposed for failing to file correct or timely returns are severe. Higher penalties are charged for taxpayers who do not promptly correct a failure to file returns or provide payee statements. There is no maximum cap on the penalties when the failure is intentional or willful.
Need help meeting the tax deadline? Let us take care of your accounting so you can concentrate on what you do best, running your business!! We can be your virtual CFO. Let’s discuss more in a strategy session. Book Your Free Assessment Here.