FAQ   Home   Newsletter Archive   Introducing Our Firm   Articles   Need Help?   Other Resources

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

For answers to new questions, subscribe to our newsletter, Michael Gray, CPA's Tax & Business Insight by filling out the form below.

Home    Newsletter Archive    Introducing Michael Gray, CPA    Articles    Tax FAQ   Need Help?    Other Links

Subscribe to Michael Gray, CPA's Tax & Business Insight Name: Email: We respect your email privacy Powered by AWeber Email Marketing