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Kham
Level 2

safe harbor available for late filing

For a pass through LLC and personal tax liability.....

 

At this very late date (4 days before 4/18/23 deadline)....does it make a difference to use the 2022's 4th quarter 1040-ES form to submit 110% of 2021's tax liability amount? Or should that same 110% amount be submitted with an extension request form?  Would either approach reduce interest and penalties?

 

No taxes have yet been submitted, i.e., all four 2022 quarter payments have been missed.

 

Full 2022 return will not be completed until a tax professional can schedule an appointment after April 18, 2023

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1 Best answer

Accepted Solutions

safe harbor available for late filing

doesn't matter. you will be subject to underestimation of taxes but by making payment and filing for an extension you will avoid late filing and late payment penalties which can are 5% a month for up to 5 months. if you mail post mark must be on or before 4/18 and you may want to use a tracking service. 

unless you end up with an overpayment you need to file an extension otherwise you not only will be subject to estimated tax penalties but also late filing penalties. the safest thing to do is to go online to IRS website and use Direct Pay to make payment and at same time get an extension   reason for payment  - extension

https://directpay.irs.gov/directpay/payment?execution=e1s1 

do this ASAP you can actually schedule withdrawal for 4/18 so if issues occur you have the option of mailing (postmark must be by midnight on 4/18) 

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1 Reply

safe harbor available for late filing

doesn't matter. you will be subject to underestimation of taxes but by making payment and filing for an extension you will avoid late filing and late payment penalties which can are 5% a month for up to 5 months. if you mail post mark must be on or before 4/18 and you may want to use a tracking service. 

unless you end up with an overpayment you need to file an extension otherwise you not only will be subject to estimated tax penalties but also late filing penalties. the safest thing to do is to go online to IRS website and use Direct Pay to make payment and at same time get an extension   reason for payment  - extension

https://directpay.irs.gov/directpay/payment?execution=e1s1 

do this ASAP you can actually schedule withdrawal for 4/18 so if issues occur you have the option of mailing (postmark must be by midnight on 4/18) 

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