CHICAGO, Oct. 11, 2012 /PRNewswire-USNewswire/ -- Six months seemed like such a long time when you filed that extension, didn't it? With the October 15 tax-filing extension deadline less than a week away, the Illinois CPA Society reminds the more than 11 million taxpayers who have yet to file to take note of a few important items to compel you to be on time, including:
Active Penalties and Interest – Filing an extension offered you six months without the burden of extra fees. That all changes after October 15. If you fail to file by the deadline, additional penalties and interest – which have been accruing since April if you didn't pay in full – kick in, which will up the total amount you owe.
Incorrect Estimated Payments – Remember to adjust any estimated payments. If your tax liability is different from what you projected in April, you may owe more than expected.
Blocked E-filing – October 15 is the absolute last day to file a return electronically. If you miss the extension deadline, you'll need to submit paper forms, which will only further delay your filing and return, or potentially impact the amount of interest you owe.
If you feel like you can't complete your return on your own, turn to your local CPA. Locate one in your area using the "Find a CPA" Directory on the Illinois CPA Society site at www.icpas.org.
About the Illinois CPA Society
The Illinois CPA Society, founded in 1903, is the fourth largest state CPA society in the nation, with more than 24,000 members. It is the premier professional organization that represents CPAs in Illinois. During its over 100 years of existence, the Society has advanced the highest ethical and financial standards of the profession, and has been a leader in educating the public on financial issues.
SOURCE Illinois CPA Society