DEADLY STORM THREATENS MILLIONS IN THE NORTHEAS
A deadly storm travels from the South and hits the Northeast with severe thunderstorms, powerful winds and possible tornadoes. Residents and businesses lose electrical power.
TAXPAYERS WHO PROCRASTINATE PANIC
Fellow tax professionals in PA report that they have lost electrical power due to a major storm that uprooted trees and downed power lines. The preparers are unable to open their tax preparation software without electrical power and thus are unable to e-file the tax returns of their clients or file extensions of time to file. It has been reported that some post offices have no power and taxpayers are calling their tax professionals asking what they should do to meet the April 15 deadline.
THE BENEFITS OF NOT WAITING UNTIL THE LAST MINUTE
There is a very good reason that tax professionals request that taxpayers send their information in by March 15 or some other date well before April 15. Not only are tax professionals inundated by taxpayers requesting that their returns be prepared in the waning days before the April 15 due date, by there are factors that tax professionals cannot control.
This year it is the unexpected storm knocking out electrical power.
In prior years, the IRS computers have crashed due to the number of tax returns filed at the last minute.
WHAT YOU NEED TO DO
Carefully read and complete your tax professional’s tax organizer and send it and your tax documents by the due date set by your preparer. If you are missing a partnership K-1 form or some other tax document, send everything else and include a note about the missing item. This allows your tax professional to begin work on your return ASAP.
Be sure you have whitelisted your tax professional’s email address and frequently check your email inbox.
When your tax professional sends you a draft of your return to review, immediately review it. The longer you wait to review it, the closer the April 15 deadline approaches and returns get backed up at your preparer’s office.
Sign up for EFTPS payments. This is the IRS’s Electronic Federal Tax Payment System (https://www.eftps.gov) that allows you to expeditiously make payments to the IRS and receive an immediate confirmation of the amount, date, and tax year of the payment.
Understand that if your preparer completes your return before the due date and efiles the return, any balance due can be scheduled for payment on the due date. Thus, filing early does not mean that the funds are paid early.
PEACE OF MIND
Taxpayers have a choice. Filing early reduces the liklihood of ID theft by scammers and avoids the panic of what to do when you hit the proverbial wall on April 15 and the best plans go awry.
Or, you can continue to procrastinate and stress yourself by filing at the last minute.
If you would like to discuss your business or personal tax planning, tax preparation and other financial concerns with an experienced tax professional, we invite you to call 610-594-2601 today to make an appointment at our Exton PA CPA office to discuss your situation. You can also schedule a consultation at Click Here.
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About F. Bryan Haarlander, EA, CTRS:
Bryan Haarlander is an IRS licensed Enrolled Agent and who owns and operates a specialized tax services firm serving clients in the western suburbs of Philadelphia, PA, which includes the cities of Chester Springs, Coatesville, Collegeville, Devon, Downingtown, Exton, Frazer, King of Prussia, Paoli, Philadelphia, Phoenixville, Pottstown, Radnor, Reading, Wayne, West Chester in Berks, Chester, Delaware, Montgomery and Philadelphia Counties, as well as clients in Delaware, New Jersey, New York and throughout the continental USA.
A Certified Tax Resolution Specialist, Bryan is well-known for his IRS tax resolution expertise and his book How to Resolve Your IRS Tax Debt Problems.