I have a question that is kind of off the wall. A client who owns a business (Sch C) needs to file an extension due to some bookkeeping issues. Unfortunately, he expects to owe about $12,000. When I thought he was going to file on time I told him he could set up a payment arrangement for the $12,000. Now he wants to do that AND file and extension. As far as I am aware, there is no way to do that. I would be thrilled to be proven wrong. Any thoughts?
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Lennox C. (Len) Boush, EA, FNTPI
Heritage Income Tax Service, Inc.
Portsmouth, VA -
My idea
No, you can't do that. I'd print him some 2015 Estimated Payment Vouchers, maybe two sets, IRS won't care, and tell him to pay as much as possible as often as possible, and of course make the 4868 payment as large as possible. That's sort of a DIY installment plan until he files and you do the real one, and it's not your fault his ducks are not in a row.If you loan someone $20 and never see them again, it was probably worth it.
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