Filing extensions

While we do everything in our control to deliver Schedules K-1 as early as possible, the IRS has acknowledged that some filings have complexities and offers taxpayers a simple, no-fee process for filing extensions. Taxpayers who file an extension are not penalized provided their tax payments are timely made and total at least as much as the tax liability for the prior year. Taxpayers filing an extension for a joint return with an adjusted gross income greater than $150,000 must pay at least 110% of the prior year's tax liability to avoid penalties.

Taxpayers filing extensions should note that any remaining tax due after application of all estimated tax payments is payable by April 15. You must pay at least 90% of your tax by April 15. Any remaining tax due will be subject to interest until paid. You should consult with your accountant or tax advisor to determine required payments.

Taxpayers who do not have all of their Schedule K-1's or other tax information should go on extension by filing IRS Form 4868 and NOT file their personal income tax returns. The filing of a tax return with incomplete information may require the filing of an amended return and the possible incurrence of additional accounting fees.

For additional information, federal tax forms and form instructions see the Internal Revenue Service web site.