Archive for June, 2017

  • What happens if I miss the April 18th, 2017 deadline?

    Don’t panic! This is IRS’ advice for you. Nearly 30% of the taxpayers are unable to organize their documents before the deadline. You still have the chance to solve your situation; however there are a few important things you need to consider if you expect to miss the deadline.

    If you are due back a refund or your tax return shows no tax liability

    If you are due back a refund or your tax return shows no tax liability, you may not be fined for filing late. If you’re due a refund, you should file as soon as possible to get it. Even if you are not required to do so, you may still get a refund. This could apply if you had taxes withheld from your wages or you qualify for certain tax credits.

    Sprintax will help you determine if you are due back a refund.

    Note that there is time limitation for you to file and receive your federal tax refund, so if you don’t file within three years from the due date of your tax return (18th of April, 2017 for 2016 tax year), you may not receive your refund.

    In addition, there are some tax refund policy changes for late filing taxpayers, that IRS is implementing, that may affect how quickly you will receive your refund.

    If you owe any money in tax

    If you owe any money in tax, keep in mind that both late filing and late payment penalties may be charged on top of your tax liability. The failure-to-file penalty is the bigger portion of your penalty,and after 60 days of delay its minimum amount will be $205, so if you have not filed form 4868 – Extension to file, you may need to submit your tax return to the IRS as soon as possible in order to avoid further increase of your fine.

    Your failure-to-pay penalty depends on the amount of tax you owe. The percentage of the penalty increases over time, so even if you are not ready with your documents, the more you pay on time, before the deadline, the less interest and penalty charges you will accrue.

    If you are unable to pay your tax on time, you have the choice to enter into installment agreement with the IRS. There are certain conditions you should meet and Sprintax tax experts will be able to help you if you choose to request installment agreement from the IRS.

    In conclusion, if you missed the deadline, the best thing you can do is to prepare your tax documents and file your tax return as soon as possible!

    Do not delay your tax return further! Sprintax can help you to prepare  it, and estimate if you owe tax to the IRS.

     

  • Sprintax at NAFSA 2017 Annual Conference & Expo

    Our Sprintax team is thrilled to be attending the 2017 NAFSA conference!

    This year the annual conference & expo is taking place in Los Angeles, California and is attended by international education professionals from more than 150 countries.

    NAFSA’s annual conference provides unique opportunity for those interested in international education to develop their knowledge, skills, and ideas and engage effectively with colleagues from around the globe. Furthermore, visitors can gain valuable insights on all areas of international education, student services, and research from a global perspective.

    We are delighted to meet many of our partners and discuss new strategies on working together in the future, as well as exchange experience and information with experts and innovators in the sphere of education.

    The whole Sprintax team are looking forward to working together to help even more international students and scholars with their US tax affairs.

    Our booth is 1849, so please stop by and say hello if you are in the area!