The penalty for paying late is 0.5 percent for every month that the outstanding tax is not paid. But he sees good reasons to get the work finished.
Pacquiao's staff members at the Senate, asked for confirmation on Dulay's statements, initially said they do not know who Pacquiao's lawyers are.
If you're found guilty of tax evasion, you could face up to five years in prison and up to $250,000 in fines.
The deadline to file taxes this year is April 18, and even though 70% of Americans are expected to receive a refund according to the IRS, many will still miss the cutoff date. Filing the form and obtaining a lien release was previously a routine matter, but since last June, the IRS has been requiring that the entire net proceeds from the sale of the property be deposited into an escrow account or into the estate's estate tax account with the IRS.
If it comes down to it, you can request a filing extension.
CNN reports, The IRS says it will begin start sending out letters this month to affected taxpayers. Fill out your name, Social Security number and other information to get an extension. However, filing for an extension does not mean you also extend the timeline to pay your taxes. But a tax extension doesn't grant you more time to pay what taxes you owe beyond the tax due date. Requesting direct deposit of a state tax refund is convenient and enables the taxpayer to access their money faster.
"It brings in less money - that's the problem", he says.
Need More Time to File Your Tax Return? What should I do? Find IRS Form 4868, "Application for Automatic Extension of Time to File U.S. Individual Tax Return" on the IRS website and submit it before the filing deadline.
In a separate speech, Duterte also accused tycoon Lucio Tan of owing the government P30 billion in unpaid taxes. That's not just because of the risk of penalties on taxes owes, but also because of recent increases in tax fraud where someone steals your identity - and your tax refund - while you wait.
As last-minute filers rush to finish their taxes, their chances of getting audited have rarely been lower. Taxpayers can either use an IRS installment plan or use a credit card. "I'm a sort of full-time member of the tax policy community, and I still find it hard and unpleasant".
You can file for a 6-month extension with Form 4868 by April 18th.
Some Ilocano taxpayers were observed lining up at the BIR here to beat the tax filing deadline of 5 p.m. today, April 17.