The most important thing to remember about extensions is that an extension to file does not extend the time to pay. IRS expects full payment by April 15th, whether or not you file an extension or not. If you have not made all of your estimated payments or anticipated a balance for 2018, you should forward this payment to the IRS/state prior to April 15, 2019.
If you can’t pay in full by April 15th, you should still file or request an extension to file in order to avoid late filing penalties. However, the IRS will charge penalties and interest on the unpaid balance. If you need to pay over time, you can get additional information about IRS installment agreements at https://www.irs.gov/payments/payment-plans-installment-agreements
Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.
This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
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