The Daily Item, Sunbury, PA

Business

April 1, 2013

The Color of Money: Procrastination has its price

(Continued)

     But the relief is only available to filers attaching to their returns any of the 31 forms that were held up primarily because of the late enactment of the American Taxpayer Relief Act. You remember, this was the law that was passed to prevent a leap over the "fiscal cliff."

     The law had an impact on a number of tax forms, which the IRS had to revise. "Revising those forms required extensive programming and testing of IRS systems, which delayed the IRS' ability to release, accept, and process those forms," the agency said. "These delays may affect the ability of some taxpayers to timely estimate and pay their 2012 tax liability when requesting an extension to file."

     You are charged a late-payment penalty on tax payments made after the regular filing deadline. The penalty is one-half of 1 percent of the tax you owe per month. There's no late-payment or late-filing penalty if you file a return late that results in a refund, Smith said.

     Some of the delayed 2012 forms include:

     -- Form 3800, General Business Credit.

     -- Form 4562, Depreciation and Amortization (Including Information on Listed Property).

     -- Form 5695, Residential Energy Credits.

     -- Form 5884, Work Opportunity Credit.

     -- Form 8396, Mortgage Interest Credit.

     -- Form 8834, Qualified Plug-in Electric and Electric Vehicle Credit.

     -- Form 8839, Qualified Adoption Expenses.

    -- Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits).

     You can find the complete list of the eligible forms by going to www.irs.gov and searching for "Notice 2013-24." To qualify for the relief, you have to request an extension to file your 2012 return.

     Here's another piece of vital information. Your request for an extension, which you can make by submitting IRS Form 4868, does not mean you get more time to pay. You still have to estimate your tax liability and pay that amount by April 15. The extension applies only to filing the return. If you don't pay on time, the IRS charges interest on the taxes owed.

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