Taxpayers who requested an automatic four-month extension to file their federal individual income tax returns should file the returns by Aug. 15.
Failure to file by Aug. 15 could result in failure-to-file penalties, failure-to-pay penalties and interest charges, according to the Internal Revenue Service. Extensions beyond the four-month period are granted only in extreme hardship situations.Taxpayers unable to pay the taxes owed should pay what they can with the return and attach a Form 9465, Installment Agreement Request, to request to pay the balance in monthly installments.
In 1992, the IRS began a special program to assist people who owe taxes but have not filed. Special assistance may be available in your area to help you file past returns and pay any balances you owe. Based on current income and other financial information, taxpayers may qualify for installment agreements to satisfy their tax liabilities. The IRS is devoting extra resources to identify and locate delinquent taxpayers who do not come in voluntarily.
For more information, call or visiting your local IRS office.