Tax season 2020: filing a declaration can be delayed until October - ForumDaily
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2020 tax season: filing can be delayed until October

As a rule, tax returns in the United States should be filed before April 15, but 2020 has become an exceptional year in this regard. US Internal Revenue Service postponed the deadline for their submission from April 15 to July 15, but there are other options. Writes about it Forbes.

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Rumors are circulating that the IRS will postpone the deadline from July 15 to a different date, but the commissioner said that this was not the case. Although you have the opportunity to take your time submitting declarations and extend the deadline until October 15. This is done automatically upon request and is incredibly easy. Another thing, should you take this opportunity? Of course, it is tempting to succumb to the attractiveness of extra months to prepare a tax return, if not for the questions that arose. In the case when you extend the term, then increase your chances of verification or vice versa? Maybe you really reduce them? Or are they the same?

For most people, pushing back a deadline is far worse than the annual hassle of preparing a return. Many people are reluctant to delay the filing deadline because hitting this goal is something of an annual turning point. Some people may even feel guilty if they take advantage of this tempting automatic six-month deferment.

Although there is nothing wrong with the delay itself. Millions of them are processed every year. Anyone can automatically receive an extension until October 15th by filling out (electronically or by mail) a short form. It doesn't even require a signature. Of course, the deferral is solely to file your tax return later—it is not an extension of the due date. That is, you need to pay taxes: usually before April 15, but this year - until July 15, and the declaration itself can be submitted until October 15.

On the subject: Tax Season 2020: Everything You Need to Know About Deferred Declaration

Perhaps the best reason for procrastination is that it encourages deliberation. Many returns filed on time are done hastily and carelessly, and this can lead to an audit. Deferring the filing of your return provides time and opportunity to gather records, consider alternative reporting options, and seek professional advice. After all, tax returns must be signed and filed under penalty of perjury. It is better to provide all the information as accurately as possible so that you do not have to make changes later. Amendments to declarations often have to be made because people are in a hurry. It should be noted that amendments are not always the result of a defect. There are times when you can or want to change your return. But try to make as few corrections as possible, because they will be studied more carefully. Do everything right the first time so you don't have to redo it later.

The IRS doesn't even have to approve the deferred filing. This happens automatically - and you get an additional six months. Previously, extension periods were four months, with two additional months only if there was a good reason. But now automatic renewals last for a full six months. You may not need this entire period, so after the extension you can submit documents any time from April 15 to October 15. This period can be used for other purposes. For example, an extension also allows you to correct Forms 1099 and K-1. Or maybe you're waiting on a K-1, collecting paperwork, or seeking professional advice? Time plays into your hands here too.

If your declaration contains controversial issues, such as whether the judicial restoration is ordinary or capital, take the time to get professional advice. And even if you have all the ready-made forms, you can get the form K-1 or 1099 after submitting the application. This happens often, and the sooner you submit the declaration, the higher the risk of getting the corrected forms, which may require changes. Therefore, delaying the filing of the declaration reduces the likelihood of receiving a belated, corrected form K-1 or 1099.

On the subject: 7 common mistakes when filling out a U.S. tax return

There are many stories about the risk of verification. Some say delaying increases the risk of verification, while others say the opposite. There seems to be no compelling argument to prove any of the theories. However, it is worth emphasizing that there is no evidence that there is an increased risk of verification if you draw up a deferment. In fact, given all the advantages of a delay, it can be argued that it can really help reduce the risk of verification. All taxpayers worry about the risk of verification from the IRS.

However, it is unlikely that extending the filing deadline increases the risk of verification. The IRS publishes data on the degree of verification based on income levels and types of tax returns. The IRS does not publish data that may increase or decrease the risk of verification. But thanks to the delay, you can carefully check everything and do it as correctly as possible, and this in itself reduces the risk of verification. So if you need time, a delay can make sense. To extend the deadline for filing a return, you can file Form 4868, ask your tax return, use commercial software, or do it yourself electronically. For additional instructions, see Section 304 of the IRS Tax Return, which describes how to properly delay the time for filing a tax return.

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