![]() While you’re required to pay any and all taxes that are due by April 15th to avoid receiving a tax penalty, you can pay any outstanding balance that’s due past April 15th (with a penalty) electronically if you filed for an extension via the Internet. Otherwise, you’ll still have to pay interest on any shortages due. Any overpayments will be issued as a refund or as a credit for future tax bills. If you don’t, you may be charged a penalty for not paying by the deadline, and will also accrue interest on any amount that remains unpaid. However, in order to be in accordance with the law, you still need to estimate how much money you think you’ll owe for the year and get it to the IRS by April 15th. This is a pretty common misconception, but a tax extension merely gives a person an additional six months to file, making your tax filings due on Oct. It might not make a lot of sense, but just because you’re filing your taxes later than April 15th doesn’t mean you don’t still have to pay your taxes by the April 15th deadline. An Extension for Filing Doesn’t Mean an Extension for Payment For those people who were not able to meet the April 15th tax deadline and filed for an extension as a result, here are the three most important things you need to know. Intuit announced in July 2021 that it would leave the federal tax filing partnership program with the I.R.S., to instead focus on “accelerating” other innovation.Hardly anyone thinks fondly on tax season, which involves complicated forms and financial stress. Methods included buying search engine advertisements to guide people from the federal program to TurboTax’s “free” commercial product, and, in 2019, even blocking the landing page for its free service from appearing in search engine results. Through its partnership with the federal program, called the Free File Program, Intuit allowed selected low-income people and members of the military to file their taxes through TurboTax at no charge.īut the company deliberately employed “several deceptive and unfair trade practices” to drive customers away from participating in the federal program, Ms. The TurboTax product was only free for some: taxpayers who had “simple returns.” James’s office, compared with 70 percent of taxpayers for a free federal program operated by the Internal Revenue Service. ![]() One out of every three taxpayers in the United States qualified for the company’s commercial product, “TurboTax Free Edition,” according to Ms. James’s office led a multistate investigation into Intuit’s misleading advertising after reporting by ProPublica found that the company deceived customers who were eligible for free tax services and instead rerouted them to enroll in paid versions. Intuit said in a statement that the company did not admit any wrongdoing and agreed to pay the settlement fee “to put this matter behind it.” The settlement also requires Intuit, which enticed customers with its “free, free, free” ad campaign, to stop misrepresenting its tax products. James said, adding that the settlement, signed by the attorneys general of all 50 states and the District of Columbia, was a clear reminder to companies that “deceptive marketing ploys” are illegal. The company “cheated millions of low-income Americans out of free tax filing services they were entitled to,” Ms. Refunds will be sent automatically to affected taxpayers. James announced on Wednesday that Intuit, the company creating the software, would pay back $141 million to more than four million Americans who were unfairly charged for tax services that were falsely advertised as free. That was the finding of a multistate investigation led by Attorney General Letitia James of New York. Millions of customers signed up, only to pay hidden fees later in the process. For years, the maker of the TurboTax software claimed that people could file their tax returns online for free.
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