The yearly filing of federal income tax is already one of the most bothersome aspects of life in today’s world. The government is already taking a chunk of your hard earned money, but on top of that, they seem intent on making the process so complex and confusing. As if that wasn’t enough, making a mistake could lead to stiff fines and even imprisonment. But fear not. If you missed the April 15 deadline (June 16 if you happen to be out of the country), you are definitely not alone. The IRS estimated that as many as 12 million individuals are late this year.

If you are one of the 12 million, the question now is what can you do to minimize penalties and get your taxes in as soon as possible. Well, it depends on your individual situation.

If You Are Owed a Refund

Let’s start with the good news. If you are due a refund this year, you will not be charged a penalty for filing late. However, you should be absolutely certain your computations are correct. If you find out too late that you actually need to pay taxes, you could end up paying a lot more than you otherwise would have.

In any case, there should be no reason not to claim your refund in the first place. In fact, there’s one very good reason not to let it stay with the government – if unclaimed after 3 years, they keep it.

If You Filed for an Extension

Perhaps you realized you would not make the deadline and filed for an extension. You will know that filing for an extension still has to be done by the April 15 deadline. Getting an extension gives you until October 15 to file your return. However, you still have to pay the taxes you owe by the April 15 deadline, or the closest possible estimation you can make. The extension is only to avoid late filing penalties. If you got an extension but failed to pay by April 15, you will still be subject to late payment penalties. Overall, the late payment penalty is a mere one-tenth of the late filing penalty. So if for any reason you are unable to pay on time, getting an extension can still help you avoid paying more than you need to.

If You Couldn’t Pay on Time or in Full

 
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Even if you could not pay the full amount you owe by the April deadline, you should still have filed your return (or filed an extension) AND paid as much as you could at the time. Also, if you don’t have the exact figures yet, try to estimate as best you can or use a tax calculator and make sure not to leave anything out. That way, your interest is computed only on the remaining unpaid amount. Overpaying is not a problem as this can be adjusted when you finally file your return.

You may also be allowed to pay in instalments, depending on how much you owe in taxes. If you owe less than $50,000 and can prove you can pay within a reasonable amount of time, say 5 years, you will probably be allowed an installment plan upon completing the necessary IRS forms. If you owe more than $50,000, the IRS will probably require more paperwork to prove that you will be able to pay within the requested timeframe.

If You Failed to File Your Taxes

Now, this is the worst case scenario. If you were somehow completely unable to file your return or file for an extension, you could end up paying as much as 25% more than the original amount owed. If you end up paying more than 60 days after the deadline, the penalty becomes a minimum of $135 or 100% of your owed amount, whichever is smaller.

As mentioned previously, you should always still file your return (or extension) by the April 15 deadline and pay as much of the amount owed by the same date. This is because the late filing penalty could be ten times as high as the late payment penalty.

Don’t Leave Money on The Table – Get The Help of a Professional

Khaled Hazzouri has built strong ties with the local community of Canton, MI and the surrounding areas. We have been helping individuals with their tax and accounting needs for more than 16 years. Call us at 734-844-1614 or use our online contact form, and we would be happy to answer all your questions.

You can also come find us on the web:  Facebook fan page / Twitter Feed / Google+ Account

Medicare/Medicaid cost reports (MCR) is probably the biggest challenge home health agencies face each year. The reports are complicated. The laws and procedures keep changing, and time is yet another constraint. Those who run home health agencies often do not have a solid medical background. It is usually effort enough to try and understand what Medicaid is and the nuances of Medicaid eligibility. Coupled with the MCR paperwork, one would think you’d have to be a doctor, a lawyer, and an accountant all in one.

In addition, the CMS is determined not to make things any easier. According to their website:

1. Cost reports are due on or before the last day of the fifth month following the close of the cost reporting period. For cost reports ending on a day other than the last day of the month, cost reports are due 150 days after the last day of the cost reporting period.

Very specific. And also very “zero tolerance,” as can be seen in the next stipulation:

2. No extensions will be granted except when provider’s operations are significantly adversely affected due to extraordinary circumstances over which the provider has no control. An example would be a flood or fire that forces a provider to cease operations and to transfer its patients temporarily to other providers outside of the impacted area. The contractor would still be required to obtain CMS approval.

 
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It makes no difference how long you’ve been at the home health agency business – Medicare/Medicaid Cost Reports (MCR) are a complex and ever-changing thing. If you missed the deadline last May, you are just one of many. Unfortunately, this almost always means a 100% rate of claims suspension. However, you do have an extra 60 days to still get the MCR in. Given the estimate by the CMS, you may be fast running out of time. Even if you still had a full 60 days (which you don’t), working 8 hours a day, 5 days a week, you would still only have 70 hours left to do it.

If you already missed the deadline last May, don’t make the same mistake again. Hazzouri Accounting has over 16 years expertise in taxes and other accounting services, including MCR preparation and processes. We are a proud and active member of the local Michigan community and are happy to serve the surrounding areas. We meet for your accounting needs but build a lasting relationship as friends.

Khaled Hazzouri is a certified public accountant with a Master’s degree from Wayne State University. We provide complete and hassle-free tax preparation services, whether individual or business. We take the paperwork and second guessing out of all your start-up tax and accounting, income tax returns, payroll, bookkeeping, and all other tax and accounting needs.

We are located at 2200 N Canton Center Rd. #170, Canton, MI 48187. Our service hours are weekdays, 9:00 – 5:00 p.m. After hours and Saturdays by appointment only, Sundays closed. We will be happy to answer any and all questions. Please call us at 734-844-1614 or use the contact form on our website.

You can also come find us on the web:  Facebook fan page / Twitter Feed / Google+ Account