efile 2019 return?

[schirallicpa]

Do I still have to paper file a late 2019 return.  Is there any tiny chance we can efile late returns yet?  I really don't want this person going in a pile.

 

[Lee B]

Best to wait until 1040 efile reopens in about 3 weeks, otherwise you will be waiting until sometime this summer

[DANRVAN]

On 1/8/2021 at 10:37 AM, schirallicpa said:

Do I still have to paper file a late 2019 return.

Is there a potential to minimize penalties for taxes owed?  For example, if an extension was filed, then I believe late filing penalties would jump from 15% to 20% after January 15th.  If an extension was not filed and tax owed, then probably already maxed out at 25%.

[Pacun]

I owed 14K and the interest and penalty was about $200 each based on a letter/bill I received a week ago.  I filed in time but I didn't pay, so I was expecting a 25% penalty for not paying plus interest.

[grandmabee]

the disaster extension was to January 15th for no penalty and interest in you are in that area.  So we must paper file by the 15th or be late.

[Max W]

On 1/10/2021 at 8:49 PM, DANRVAN said:

Is there a potential to minimize penalties for taxes owed?  For example, if an extension was filed, then I believe late filing penalties would jump from 15% to 20% after January 15th.  If an extension was not filed and tax owed, then probably already maxed out at 25%.

The IRS says "each month or part of a month" and nothing about the 15th of each month.  So, all of Jan is 5% and then after Jan 31 another 5%.

[DANRVAN]

20 hours ago, Max W said:

The IRS says "each month or part of a month" and nothing about the 15th of each month.  So, all of Jan is 5% and then after Jan 31 another 5%

That sounds right Max, thanks.

[Max W]

8 hours ago, DANRVAN said:

That sounds right Max, thanks.

In actuality, it breaks down to 4.5% late filing and 0.5% late payment per month, so when the IRS issues a letter with the penalties it will show late filing as 22.5%.  The late payment penalty maxes out at 25%.