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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 May 2nd for 2017. Remember, the statutory deadline is April 30th. However, this year the Guyana Revenue Authority made an exception due to May 1st being a holiday, and extended it. So, you had no excuses to miss the deadline. Is it really 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 in the beginning, you would not have to worry about paying any penalties to the GRE, would you? Okay, as of this year, the late submission of tax returns attracts a penalty of 10% of the tax assessed. 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 your penalty would be $5,000. You know how many things you can buy with $5,000? There's food, clothes, bills to pay. Come on, we warned you. Not only is there a penalty if you submitted your returns late, there is also a 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 until the...