Oh my! ... Don’t let this happen to you.
Here’s what happened to Mr. Kazmi. First, a little background.
Urgent Care Center Inc., an Illinois corporation, employed Mr. Kazmi as a part-time hourly bookkeeper.
He had no ownership interest in Urgent Care.
He was not an officer of Urgent Care.
His name was not on any of Urgent Care’s bank accounts.
He did not have check-signing authority for Urgent Care or any power to make payments on behalf of Urgent Care.
At all times, Mr. Kazmi worked under the authority and direction of Dr. Senno, the sole owner of Urgent Care, an S corporation.
Urgent Care did not pay its ...
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo
You are allowed to extend your tax return and ﬁle during the period of extension; that’s not a late-ﬁled return. A late-ﬁled return is ﬁled after the last extension has expired. this is what could undesirably cause Three Bad Things to happen.
Three bad things happen when you ﬁle your tax return late.
Bad Thing #1
The IRS notices that you ﬁled late or not at all.
Of course, the “I didn’t ﬁle at all” people receive the IRS’s “come on down and bring your tax records” ...