Income Tax Extension Deadline for filing your Tax Return

Income Tax Filing is an extremely main task and you cannot ignore it any cost. The penalty of neglecting to pay the Income tax can be extremely grave. There is a time limit that one has to follow for filing the income tax but often the public are given the Income tax extension deadline.

The Income tax extension deadline is only given to individuals or businesses that file their tax returns regularly and fill the forms properly. They are only given extension only to make sure that the filing is correct and will give them beneficial terms. The term for the tax extension is maximum six months. Filing for income tax is very easy and trouble-free. Today you also have the facility of filing it online without getting out of your offices or home. You can even file for the taxes before time on the condition that your paper work is thoroughly completed. There are almost more than 20 million individuals and almost five million businesses that file for the income tax extension every year on year.

Therefore, the State governments give the people Income tax extension deadline so that people can follow their taxes. Those who do not file even after the deadline are entitled to pay huge amount of penalties. Tax extensions are given so that you can file the taxes in a more accurate way. The extension gives you an extra time to prepare your statements in a better way and file for the taxes. The last date for businesses to file taxes is March 15 whereas the last for individuals to file the personal income tax is April 15. If the tax is not paid on time then you are entitled to pay a penalty that keeps on increasing month after month till the time your taxes remain unpaid.

After the Income tax extension deadline you also have to pay the interest fee which keeps on accumulating till the time the taxes remain unpaid.

The interest rate is around 0.5% of the tax liability. This keeps on accumulating every month. Therefore it is important to pay your taxes on time so that you may not have to bear unnecessary loses. It is mandatory for every individual to file for the taxes.

A 6-month extension of time to file is not an extension of time to pay. You must make an accurate estimate of your tax and send any necessary payment with your Form 4868 or pay the tax due by credit card. If you find you cannot pay the full amount due with Form 4868, you can still get the extension. You will owe interest on the unpaid amount.

You also may be charged a penalty for paying the tax late unless you have reasonable cause for not paying your tax when due. Interest and penalties are assessed (charged) from the original due date of your return.

Enjoy the most comprehensive, easy and convenient efile tax extension system available on the web and avoid large tax penalties by filing your Tax Extension to IRS. And Get Extra time to file your Tax Return.

The Effect of IRS Announcement on Offshore Voluntary Disclosure Deadline

If you start measuring the tax collection efficiency of Virginia State, you won’t be dissatisfied with their performance. Since 1971, Virginia has a strong legislature and unique judicial system operated under seventh Constitution of Virginia. The department of taxation has also set up a mission of serving to the public with integrity, efficiency and consistency.

After the announcement of 21st September, 2009 by IRS it has got a new feather added. They announced final deadline for tax payers with offshore accounts who want to get benefits out of Special voluntary disclosure program. The extended schedule was from September 23 to 15th of October. Now you must be looking for the response (success or failure) this special program obtained?

Profoundly, the acceptance of this program by most of the tax payers would do many good to the IRS as they can filter the information for next use. In spite of all these efforts there were criticisms too as evidenced from IRS announcements.

We can observe a mix of comments from Tax analysts, VA Tax Lawyer and law firms dealing with IRS tax divisions here.

The analysis in detail:

1) The tax payers, who decided to come forward before the deadline, faced logistical and administrative challenges. Though the extension looked good but it was not long enough as reported by several tax analysts.

2) As per the news reported from IRS criminal investigations, collecting client complaints from past tax liabilities were fine, but getting bank statements to submit a disclosure request was always difficult.

3) There are cases of taxpayers having accounts with Swiss, UBS and Non-UBS just started waking up with the news.  As experts said, the government should leave the disclosure option till the end of the year as long as IRS investigation is ongoing with the other offshore bank accounts.

4) Most of the tax payers seeking legal help were not cheats but again few account holders were still dreaming about better treatments or concessions after the deadline pass.

5) The reason of such overwhelming responses could also be the family security of the immigrants.

Most of them and their children opened accounts in offshore (foreign accounts) before coming to the US.  So, just a fear of criminal prosecution was not the reason for such high level of response and to convince the legal help seeker.

Expert suggestion:

There can be an alternative solution to get more people involved into this program. Had there been any discretion of penalties between 20% and 5% in their foreign bank account, the participation rate would rise up.

Thus IRS was good to its words and their efforts to revive the due taxes were commendable. But few alterations would do better as experts and VA lawyers have to opine. Virginia, the state consistently ranks in top 20% of the states having low tax burden in the country. So we can expect much fair tax paying system prevailing there. VA Tax attorneys and IRS Lawyers can discuss more on the recovery option.

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This article is drafted by Ashley Smith. He has more such contributions to his possession where dealing with IRS tax law has been described in detail. To avail genuine legal service on Virginia Tax system he recommends his readers to follow http://www.thorntaxlaw.com/.

The IRS Tax Deadline is a Great Marketing Lesson

Every April 15th in the United State the IRS places a hard deadline for everyone to file his or her taxes. And if you don’t,  the penalties and interest start piling on. There are serious consequences for failing to file your taxes. At the most sever level you could end up spending time as a guest in the Federal penal system.

Why are the consequences so harsh? Easy, if they don’t make it so tough then hordes of folks will “forget” to file their taxes.

Working in the tax industry I found it amusing how the tax season works.

It starts in late January when people receive their W2’s from their employers. People who are likely due a tax refund rush in to get their taxes prepared and filed.  They can’t get their refund fast enough. From late January through February it’s wall-to-wall customers at the local tax shops.

Then comes the month of March – Crickets! Hardly a customer in sight. The challenge during this time is trying to stay awake. March gave me an appreciation for how the Maytag repairman feels.

Starting in April the pace picks up again, and as you get closer to the 15th it gets busier. The customer pace becomes more frantic as does the customer’s level of stress. As April 15th nears,  people are in a near panic and most of the time it’s because of their own procrastination.

I’m amused that with all the pain and penalty the IRS will impose for missing the tax filing deadline, people still push the envelope.

The marketing lesson is that no matter when you put a deadline on your offer, people will wait till the last minute act. Some people will miss the deadline, and still want the special price or offer.  That’s the point of the special offer, it’s extended to those that order within a specific timeframe, not afterwards; otherwise there would never be any specials or sales.

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Fast Credit Repair When You Are Working With a Deadline

If you are reading this article, you are probably finding yourself in a pinch for time. Maybe you are trying to buy a house and you were just made aware of problems with your credit report. Maybe you are looking for some other type of loan and you need to fix your credit report fast so that you get a better interest rate.

If this is you, rest assured there is a way to repair your credit quickly without jumping through tons of hoops or adding stress to your day. Simply put its all about communication.

If you are to the point where you are at with a potential loan, you have probably already seen your credit report, if you haven’t then it is time to order all three of your credit reports from TransUnion, Experian, and Equifax to verify the information that is included in this. There is no other way to start fast credit repair other than to have this report in hand.

Second, you must contact the credit bureaus directly if there are errors. In addition, document everything, every phone call and every piece of communication. Even if something has not been erased from your credit report, if you can provide documentation of trying to fix it, it might help your loan process along.

Next, pay down as much of your debt as possible. If you stress the urgency of the situation to any past creditor or collection agency and if you are able to pay a discounted amount on the spot, many times the companies you are dealing with will close the account then and there and provide you with a receipt to provide to the company you are trying to get a loan through. Also, any creditor is required to report changes in your credit, so you could possibly see bad accounts fall off within thirty days.

Finally, there are several things that you can blitz quickly and easily.

For instance, your credit card company might be reporting a lower credit limit than what you actually have. Your account may be in good standing, but if the credit line is lower than the one you operate with, it could affect your credit report negatively. Check with your credit card company and request that they report correct credit limits immediately.

Next, make sure that there are no negative items that are older than seven years old. If there is, you can ask that this immediately be removed with no further problems. This is a fast credit repair tip that can save you thousands in higher interest rates.

Also, to make sure you can fix your credit report fast, make sure that all accounts belong to you. If there is something that looks unfamiliar or incorrect, call the company directly and ask for them to remove it immediately. Again, remember to save all documentation and make great notes. It will only help your cause.

Credit repair can be overwhelming or too time consuming for some people. If that is the case with you, please look at my Lexington Law review page to see how Lexington law repaired my credit and fixed my credit score. For a free credit consultation call Lexington law toll free at: 1-800-258-0062.

Mobile call recording – the deadline is looming

The impact of removing mobile phone exemption from FSA rules on call recording will soon be known. Although the deadline if 14th November is near, many companies are still to tackle the issue of compliance. In a bid to encourage best practices and reduce fraud it has been mandatory for companies in the financial services sector to record incoming and outgoing fixed line calls pertaining to their business for some time. With plenty of business deals now being conducted on the move through mobile phones, the Financial Services Authority (FSA) decided to impose a call recording legislation on mobile phones used by businesses as well

The new ruling makes it mandatory for all businesses in the financial sector to implement mobile call recording. This includes stockbrokers, banks, hedge fund managers, and other finance related firms dealing with commodity derivatives. All communication sent from or received from mobile phones is required to be recorded and stored. This includes all handheld communication devices. Negotiations and transactions on equity, stocks, bonds, shares, insurance, mortgage, derivatives, are among the list of calls that need to be recorded and archived for at least six months. Management and employees are also cautioned not to conduct such communication on their private phones that firms may be unable to record.

For every business it is time to look for mobile call recording options with Cisco Telephones and Mitel Phones among the popular choices today. Failure to comply with the new regulations could result in fines being imposed by the FSA. It is important to understand that mobile call recording and storage is different from that of fixed line calls which come in from a single point through a PBX or switch.

Mobile phone calls have different points of entry which affects the way calls can be recorded and stored.

One of the primary concerns is the security of calls. Mitel Phone Systems and Cisco Phones have several features that allow mobile call recording in a secure environment. Businesses have four options for mobile call recording. One method is to set up the call with users providing their number and the number they desire to call. When the call is established the system calls back and recording takes place. However, there are many limitations to this method. The other option is to use a hosted PBX such as a wireless LAN IP based service where mobiles are used as remote extensions. The drawbacks are the lack of support for 3G and the replacement of an existing PBX. Other methods include inline systems with software installed on handsets that diverts calls to the recording server. A USIM card can also be used to record calls within the network. This entails replacing the existing SIM card for a new USIM card.

Other devices such as the Cisco IP Phone, Mitel Telephones, Mitel 5312, Mitel 5320, Mitel 5330, Mitel 5324, Mitel 5304, Cisco ASA 5510, Cisco ASA 5505, Cisco Switches, Cisco Routers and Sonicwall Firewalls are all in hot demand from IT infrastructure managers of large companies.

Andy Starr is the Director of Open IP Ltd.  He has been working in the IT/Telecoms industry since 1991.  Now leading a team of highly trained experts covering a wide range of IT/Telecoms subjects; Andy is a respected voice in the UK technology industry.

3 Approaches to Getting an Extension on a Deadline

 

We are all overwhelmed with deadline after deadline. The work never seems to go away. The Information Age was supposed to make things better for us. The idea was that technology would make it easier for us to manage information overload, resulting in a more productive workforce.

Our bosses think we can now manage more responsibilities. Many of us have to manage both routine work and additional projects. We aren’t given more time to do the work. The expectation is that the work will get done on a schedule that someone else determines for us.

There are several approaches that might give you some breathing room. The goal here is to ensure the work gets done on time, and that it meets the quality requirements.

Approach #1: Stress the Importance of Quality

Doing work in a rush may result in subpar quality. If you feel that you are focused only on meeting the deadline, and not on the quality requirements, it’s best to schedule a meeting with your boss. Let her know that you can continue the frenetic pace, but the final product will fall short of expectations.

In project management, throwing more resources is called crashing. This is a schedule compression technique designed to get the work done by the deadline. When we crash a project, we increase the overall costs of the project because the only goal is to complete the work on time. We might have to hire a resource that charges double what we normally pay, and that is acceptable given the emphasis on meeting the deadline.

Approach #2: Prioritize Your Work

Many of us have heard of the A-B-C time management concept.

The “A” activities are urgent, and must get done. They go to the front of the line. The “B” activities are important, but not urgent. They are on the schedule, but we can delay the start. The “C” activities are not important, and can wait until all “A” and “B” work is done.

Find out what is important. I find that many people refer to easier work as more important.

The idea here is that you have a comfort level with these assignments. However, what is easy may be of little importance to your boss. The goal is to work on the activities or projects that are of greatest importance to your direct. Once you are clear regarding what is both urgent and important, you can focus solely on that work. Avoid too much multi-tasking. Stick with one project until its completion.

Approach #3: When All Else Fails – Try Honesty

A big mistake is to make excuses about why work is not getting done. As a project manager, I understand that I sometimes will lack the skills or resources to complete the work. For example, when working on a web-based training product, I might not have the audio and video specialists needed to do the work. Make sure the sponsor is aware of these limitations. It’s imperative that you express your concerns when they are first discovered.

However, avoid looking for sympathy. Your boss wants you to assume responsibility. You are not seeking a shoulder on which to cry. Instead, walk in with a game plan. Express the problem, and be ready to provide a solution.

Your stock will rise by delivering quality work by the stated deadline. To do that, you must accept only assignments that can get done on time. When you are unsure if the expectations can be met, make it clear immediately. Avoid being the “eager-beaver” who accepts anything thrown at him.

When you know that a deadline cannot be met, inform the key stakeholders. If you don’t let them know, they will expect the work as scheduled, and if you fail to delivery, the consequences may derail your career.

 

Nagpur University extends admission deadline for third time

Some good news for students, Nagpur University has once again expanded its last entry to all courses seem to fill a huge number of places available in most faculties. This is the third time the deadline has been extended the UN authorities after the strong demand for most universities, where a large number of vacancies, a senior official said.

A statement issued by the Registrar NOW Yenka Mahesh on September 13 and is for all schools mentioned that the deadline for admission has been extended to September 29 to benefit many students who still want to record. It will apply to two model schools and half-yearly and disciplines. But, would not be used for courses in which admissions are conducted under the centralized admission procedure (CAP).

It is interesting to note that a new notification with the rider that the heads of universities to grant such a student must be submitted to the society and the academic year consists of 180 days should be completed by the additional classes. Although Yenkie was unavailable for comment, a senior official said that in view of the blind expansion of higher education that UN has passed the 800 mark, it is very difficult for universities to get students. To add boredom, more and more of them are seeking refuge in Mumbai, Pune and other universities where there are many job opportunities.

Unofficially, however, has raised concern over UN move, saying that the winter exams each year the model is to begin Oct. 15 and have completed the model will follow soon, the students almost no time to complete the mandatory requirement of 180 days to Maharashtra University Act, 1994. Moreover, a month’s holiday Diwali to begin next month, followed by a period of social and cultural events, which makes it even more difficult to meet the standards.

Nagpur University already received flak about his decision to allow students to 85 schools (in 2006-07 and sessions 2007-08), including engineering, to appear in the annual reviews although they have not attended college, even for 90 days. The universities concerned that students admitted after obtaining the membership of the UN in January 2007 and later his students appeared in examinations that began in March of that year. Even a police report was filed alleging that the owners had violated the provisions of United Nations law and fake diplomas awarded to students. Subsequently, a complaint was filed in the Nagpur bench Bombay High Court, which then moved to the Supreme Court.

 

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