Video instructions and help with filling out and completing Fill Form 8453 S Penalties

Instructions and Help about Fill Form 8453 S Penalties

Hello there welcome to Talk tax I'm your host nakisha Costello Music we have been urging you guys to submit those returns before the due date in case you didn't know the due date was extended to me seven for 2017 May 2nd is the due date for the filing of your tax returns of course you need to remember that the statutory deadline is April 30th whoever this year the Guyana Revenue Authority made an exception into to me first being a holiday and extended it so you had no excuses to miss the deadline really Jean is it that serious if you fail to submit your income tax property tax corporation tax or capital gains tax returns by the due date guess what it attracts a penalty I know you don't like to hear about this stuff but if you had only listened to us at the beginning you would not have to worry about paying any penalties to the GRE would you no okay as of this year the late submission of tax returns attracts the penalty of 10% of the tax assessed we're a team and notice was issued for example if $50,000 was deducted from your salary for income tax for the previous year and you have not submitted your tax return by the due date then you're a penalty would be $5,000 you know how many things you can buy with $5,000 there's food clothes pay some bills come on we warned you not only is there penalty if you submitted your returns late there is also penalty if you paid your taxes late more after this short break are you the holder of a valid driver's license then by now you should be aware that you can renew your license three months before it expires avoid the last-minute rush and come into the diner have no authority to renew your license if you wait on the expiration date you should note that the GRE will no longer be issuing a driving permit that means you will be driving at your own risk come into GRE and get your license renewed early welcome back if you thought of penalty only applies if you submit your tax returns then you are so wrong if after you have done your calculations on the income tax return and notice you OG re some money then that money should have been paid before the due date oh yes more penalties so if you fail to paid during the first three months a two percent penalty will be applied to the unpaid amount for each month yes let me repeat that two percent for each month this is 2 percent for me 2 percent for June and another 2 percent for to live oh my god oh she's killing my vibe oh she's killing my vibe it doesn't stop there after July there will be a 3% per month or part thereof through the next three months 4 percent per month or part thereof during the next six months and 5% per month or part thereof thereafter it is very important to pay your standing taxes because it will continue to add up as the months go by we have not given up hope and you just yet installment agreements and arrangements between taxpayers and the Revenue Authority what we honor to the extent that you continue to affect payments according to the terms of the sentiments additionally you don't even have to come into GRA to pay your taxes feel free to use Western unions will express Republic Bank tele banking mobile money Guyana or you can pay a demurrer bank or again about retreated industry gbt I remember if you have any queries contact us via social media thanks for watching Music