IRS Warns Taxpayers Of August 15 Filing Deadline

by Leroy Baker, Tax-News.com, New York

04 August 2003

Whilst the majority of American taxpayers had filed their tax returns by April 15 this year, the 8.5 million who opted for automatic extension are now running out of time to meet the August 15 deadline, the IRS warns.

Failure to file a return by this date will attract a late penalty which equals 5% of unpaid tax per month. However, the IRS states that for those who are enduring particular hardship that will prevent them from meeting the August deadline, a further two months will be granted putting the new deadline back to October 15.

"Taxpayers granted the additional time to file will not be penalized for late payment of tax if they pay the balance of their 2002 tax when they file the tax return by October 15 provided 90 percent of their total tax was paid by April 15," said the IRS in a recent statement.

"To request the additional time to file, taxpayers must file Form 2688 with the IRS by August 15. Form 2688 is available on the IRS Web site, IRS.gov. The IRS will advise filers in writing whether or not their requests are granted. Form 2688 can be filed electronically or mailed to the IRS," the statement added.

The Revenue also informs taxpayers that the use of the free-file program is possible up to the October 15 deadline. The free-file program allows certain eligible taxpayers to file their return electronically via a home PC or a participating e-file provider at no cost. According to the IRS, 2.78 people had used the free-file program as of June 30 this year

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