Press Releases

Fall Tax Deadline

PICPA Reminds Consumers IRS Extension Deadline is Quickly Approaching

PHILADELPHIA – For taxpayers who were unable to meet the April 17 federal income tax return deadline, their six-month reprieve is almost over, says Pennsylvania Institute of Certified Public Accountants (PICPA). The deadline to file their 2005 income tax return, for those who filed an extension, is Oct. 16.

Taxpayers who could not meet the April deadline were granted a six-month extension by the IRS for the first time this past spring. In the past, the agency granted extensions to Aug. 15, or file a second extension at that time. The IRS estimates nearly 10 million taxpayers filed for the extension this year.

The extension to file was granted automatically, but taxpayers were required to calculate an estimate of their tax liability and make a payment by the April 17 deadline. The IRS will charge interest and may charge a penalty on any tax paid after April 17.

To help people meet the October deadline, the IRS is offering Free File at www.irs.gov. Companies that are part of the Free File Alliance offer free tax preparation software and electronic filing for taxpayers who earn less than $50,000 per year.

Consumers looking for answers to general tax questions can get them via PICPA’s free Ask a CPA service at www.picpa.org. Questions submitted online are answered by PICPA members.

Founded in 1897, the Pennsylvania Institute of Certified Public Accountants is a professional association of more than 19,000 CPAs who work in public accounting, industry, government, and education. PICPA is the second-oldest and fifth-largest state CPA organization in the United States. To find a member CPA in your area, visit our Web site at www.picpa.org and click on CPA Locator. Students and educators can visit PICPA's specially designed site www.CPAzone.org to get the latest information about careers in accounting and the CPA profession.