Extensions

Why file a 6-month extension with the IRS when tax season has just started?  Filing an extension NOW prevents all kinds of late filing penalties, allows the flexibility to file a superseding return, AND allows for the due-diligence required for additional tax savings and reporting requirements.  We can file this 6-month extension for you for only $50.  

You get time, peace of mind, and options for additional deductions, which an amendment filed after the deadline does not allow.  Think of it as an insurance policy from IRS late filing penalties.

Purchasing your extension today ALSO gives you more time to purchase your return, AND will give you $50 off your tax return purchase later. ‍

PLEASE NOTE that if you owe tax, payment is due by the April deadline, but your return is not.

What are the benefits of filing the 6-month filing extension?

• Prevention of Penalties - If you require Form 5472 and miss the deadline, the fine is an automatic $25,000 fine, which is very hard to have removed.  $50 can prevent a $25,000 fine.
• Peace of Mind - anything can happen between now and the tax deadline.  If disaster strikes that prevents the return from being filed by the due date, you are protected.
• Flexibility - An Extension allows you to file a superseding return up until the fall deadline, and REPLACES the original filing.  This is preferable to an amendment, which has many restrictions and invites closer scrutiny by the IRS.
• Potential Tax Savings - Additional expenses and credits not claimed on your original return is NOT necessarily allowed in an amended return.  Most expenses are EXCLUDED from an amendment, such as R&D Tax credits, which can be very lucrative and take additional time to prepare.  In order to maximize tax savings and not miss expenses, OR to be able to file a superseding return if additional deductions are uncovered before Fall, the $50 you spend now could save you much more later.
• Due diligence for Foreign Subsidiaries - Returns including Form 5471 and other non-US entity transaction reporting are usually over 50 pages long.  In order to prepare them properly AND prevent fines and penalties, the extension allows for this rigorous preparation and review, for which the penalties for non-compliance are stiff.
• Due diligence for R&D Tax Credits - R&D Tax credits are extremely lucrative, and also require painstaking documentation and due diligence - especially with rule changes.  AND they cannot be added to an amendment. The extension allows for BOTH more time AND the option to add R&D credits to a superseding return.