The deadline for submitting the 2016 Income Tax return has expired, but many people fail to report the data to the IRS. If you are part of this group, know that it is possible to make a rectification, avoiding later inconveniences with the Treasury. Here’s what to do:
Term for the declaration of the Income Tax
The deadline for the delivery of the Income Tax in 2016 ended on April 30. There is no deadline for late delivery of the Income Tax return. This document can be generated through the Federal Revenue website . However, according to the deadline, there is a fine.
Fine of the declaration of the Income Tax
Whoever delivers the Income Tax return after the deadline must pay a fine – which can range from $ 165.74 to 20% of the tax due. This amount is automatically generated by the IRS system after delivery of the declaration.
The calculation is made according to the date of delivery of the declaration. The fine applied is 1% for each calendar month (or equivalent fraction). Thus, if delivery occurs still in May, the fine is 1%. However, if it occurs in June, the fine increases to 2%.
It is worth mentioning that taxpayers who submitted the declaration and had tax payable but did not make the payment on time, will also need to pay a fine equivalent to 0.33% per day. The maximum limit is 20% plus interest set by the Selic rate (the basic interest rate of the economy).
How to Deliver the Late Income Tax Return
The process of delivery of the Income Tax return, even after the deadline, is the same. The first step is to access the IRS website and download the program from the statement . Then just fill out the information and do the delivery electronically.
If the taxpayer has amounts receivable , he may choose to pay the fine in the delivery of the declaration and receive the full amount refunded or not pay the fine and have that discounted value of the refund.
On the other hand, if the taxpayer needs to refund the tax, there is a need to pay not only this amount, but also the fine imposed, since the payment period ended on April 30. In this case, it is necessary to use a specific program, Sicalc , which calculates and issues the Darf so that the taxpayer pays the corresponding amount.
Punishments for those who do not make the statement
Taxpayers who do not declare Income Tax, even after the deadline, are restricted in their CPF, are prevented from taking a passport, making loans, tendering and obtaining a negative certificate (necessary, for example, for the purchase of real estate), as well as having problems with your checking account.
The act of not declaring the Income Tax is also considered tax evasion, which means that there may be a collection of tax due on undeclared income, plus a 150% fine and the Selic interest rate.
The most serious case occurs when the taxpayer does not pay the amount charged by the Federal Revenue and undergoes administrative process. In this way, the taxpayer can be investigated, prosecuted and sentenced to imprisonment ranging from two to five years, and to the application of a fine.