Business & farm

The March 1st filing date is becoming more problematic due to last minute tax law changes and the lack of funding for the IRS to implement changes to forms and software and also approve 3rd party software providers.

Keep in mind, that missing the March 1st deadline is really only crucial if you have not made any estimated tax payments; which is most likely the case for those who do file on March 1.

Even so, the only cost here is the Treasury loss of the time value of your estimated tax payments.

This is just an interest factor that the IRS will assess, not the end of the world, nor does it put you on any radar.

There really is no March 1st extension.

If you cannot file by March 1st, you are now under the April 15th deadline.

Next year consider looking at your year and make a payment on January 15th for what you expect your tax to be.  This avoids the March 1 dilemma. 

 

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.