IR-2014-49: With Less Than a Week Until the Tax Filing Deadline, Taxpayers can get Extra Time to File

Internal Revenue Service (IRS) sent this bulletin at 04/10/2014 10:35 AM EDT

IRS Newswire

April 10, 2014

Issue Number: IR-2014-49

Inside This Issue

With Less Than a Week Until the Tax Filing Deadline, Taxpayers can get Extra Time to File

WASHINGTON — The IRS has received almost 100 million tax returns so far this year and expects to receive about 35 million more by the April 15 filing deadline. However, about 12 million taxpayers will have requested extensions by the filing deadline, giving them an extra 6 months to file.

The fastest and easiest way to get the extra time is through the Free File link on IRS.gov. In a matter of minutes, anyone, regardless of income, can use this free service to electronically request an automatic tax-filing extension on Form 4868.

Filing this form gives taxpayers until Oct. 15 to file a return. To get the extension, taxpayers must estimate their tax liability on this form and should also pay any amount due.

By properly filing this form, a taxpayer will avoid the late-filing penalty, normally five percent per month based on the unpaid balance, that applies to returns filed after the deadline. In addition, any payment made with an extension request will reduce or eliminate interest and late-payment penalties that apply to payments made after April 15. The interest rate is currently three percent per year, compounded daily, and the late-payment penalty is normally 0.5 percent per month.

Besides Free File, taxpayers can choose to request an extension through a paid tax preparer, using tax-preparation software or by filing a paper Form 4868, available on IRS.gov. Of the more than 12 million extension forms received by the IRS last year, over 7 million were filed electronically.

[The filing season statistics table follows.]

–30–

2014 FILING SEASON STATISTICS
Cumulative statistics comparing 4/05/13 and 4/04/14
Individual Income Tax Returns:	2013		2014		% Change
Total Receipts	99,131,000		99,850,000		.7
Total Processed	93,103,000		98,170,000		5.4

E-filing Receipts:
TOTAL	88,638,000		90,306,000		1.9
Tax Professionals	54,673,000		54,295,000		-0.7
Self-prepared	33,964,000		36,011,000		6.0

Web Usage:
Visits to IRS.gov	261,597,162		235,961,315		-9.8

Total Refunds:
Number	77,849,000		78,769,000		1.2
Amount	$214.487	billion	$219.936	billion	2.5
Average refund	$2,755		$2,792		1.3

Direct Deposit Refunds:
Number	65,020,000		65,326,000		0.5
Amount	$190.752	billion	$190.934	billion	0.1
Average refund	$2,934		$2,923		-0.4

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IR-2014-49: With Less Than a Week Until the Tax Filing Deadline, Taxpayers can get Extra Time to File

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Issue Number: IR-2014-49

Inside This Issue