The IRS has some advice for taxpayers who missed the tax filing deadline.
Don’t panic but file as soon as possible. If you owe money the quicker you file your return, the less penalties and interest you will have to pay. Even if you have to mail us your return, the sooner we receive it, the better.
E-file is still your best option. IRS e-file programs are available for most taxpayers through the extension deadline –
On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012 (HR 3630). The new law extends through December 2012 a reduction in employment tax rates from 6.2 percent to 4.2 percent for employees and the self-employed.
The employee OASDI tax rate was previously reduced from 6.2% to 4.2% by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (P.L. 111-312), which was in effect for 2011.
On December 23, 2011, Congress approved and President Obama signed a two-month extension of the employee payroll tax cut. The Temporary Payroll Tax Cut Continuation Act of 2011 extends the two percentage point employee payroll tax cut through the end of February 2012.
Unless Congress extends the tax cut, all payroll paid after February 29th will revert back to the full 6.2%. This means that the FICA withholding on the first payroll in March,