What is the penalty for not filing form 3115 by the due date?

January 29, 2007

From:  Roland
Date:  Tue, 07 Nov 2006

Hello there,

Your newsletter is very informative.

What is the penalty for not filing Form 3115 by the due date?

Thank you,
Roland

Answer

Date:  22 Nov 2006

Hello Roland,

You should meet with a tax advisor relating to your personal situation. The IRS could disallow the change of accounting method and any related tax benefits. You might need to amend the income tax return and pay related penalties for any late payment of tax plus interest.

This could be a mess.

Good luck!
Mike Gray

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