Reminder for 10/20/2021 Seminar: Economic NEXUS vs Sales Tax NEXUS – learn more and become better prepared to ask and answer the tough questions, such as:
- What does it mean for out-of-state sellers?
- How or will this decision affect more than just sales tax nexus?
- What does economic nexus mean for sales tax?
- Does having a physical presence in a state still matter for sales tax?
- Is the traditional nexus for sales tax still alive and well?
- Do we need to begin filing in the 45 states that have a sales taxing system?
- When to recommend to a client to file income/sales tax in that state?
Relief Available To Many Extension Requesters Claiming Tax Benefits
The Internal Revenue Service provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January.
The relief applies to the late-payment penalty, normally 0.5 percent per month, charged on tax payments made after the regular filing deadline. This relief applies to any of the forms delayed until February or March, primarily due to the January enactment of the American Taxpayer Relief Act.
Taxpayers using forms claiming such tax benefits as depreciation deductions and a variety of business credits qualify for this relief. A complete list of eligible forms can be found in Notice 2013-24, posted on IRS.gov.
Individuals and businesses qualify for this relief if they properly request an extension to file their 2012 returns. Eligible taxpayers need not make any special notation on their extension request, but as usual, they must properly estimate their expected tax liability and pay the estimated amount by the original due date of the return.
The return must be filed and payment for any additional amount due must be made by the extended due date. Interest still applies to any tax payment made after the original deadline.