U.S. Expats: Final Tax Extension Deadline: June 15th

Penalties
Without an extension you will also be charged a late filing penalty. Late filing penalties are half of 1% of any tax (except estimated tax) due past the regular filing deadline. It is nonetheless capped at 25% of the total tax due. Penalties may be waived by attaching a detailed explanation showing “reasonable cause” to your return. You are considered to have “reasonable cause” if 90% of actual 2005 tax due is paid by the regular due date through withholding, estimated tax payments and by submitting payment with form 4868.

CFO2GO is an independent
consultancy focused on assisting SMEs and their owners and executives to achieve
their operating and objectives when internal or alternative means of doing so
are inadequate to the task. We work closely with executives to help them comply
with their personal Czech and US tax obligations.

The comments in this article are not intended to constitute an opinion
regarding any specific tax issues because additional tax issues may exist that
could affect the tax treatment of the tax issues addressed in this memo.
This memorandum does not consider or reach a conclusion with respect to those
additional issues and was not written and cannot be used for the purpose of
avoiding penalties under code section 6662(d).

For further
information, please refer to our web site at www.cfo2goeurope.com or contact John Mohr
at john.mohr[at]cfo2goeurope.com