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Professor Advises Procrastinators Regarding U.S. Tax Deadline

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In the United States, Tax Day has typically fallen on April 15. For those filing a U.S. tax return but living outside the United States and Puerto Rico, Tax Day has typically fallen on June 15, due to the two-month automatic extension granted to filers by IRS Publication 54.
Judith Schwartz

Judith Schwartz

April 19, 2013

As the United States income tax deadline approached, South Florida CBS affiliate WPEC anchor Ben Becker turned to Northwood University Florida to investigate options for those who have not filed.

Associate Professor Judith Schwartz shared that some have not filed due to the fact that they haven't received all of their investment 1099's that report income/loss. "Although all 1099's are supposed to be sent earlier in the year, many are sent later," said Schwartz. "There are many reasons why they may be sent late. This causes investors to hold off filing their returns," she said.

To ease the deadline, Schwartz shared that the IRS allows an 'automatic extension' to all who ask for it. A very short form 4868 is submitted instead of a return. The taxpayer receives a 6 month extension to file their return. No money is required to be sent with the 4868. However, if money is owed when the return is finally filed, penalties and interest will be assessed. "Some will send in an estimated payment of what they think they owe to avoid these fees," said Schwartz.

Judith Schwartz possesses over 35 years of automotive industry experience as an controller, forensic accountant and consultant. After beginning her career in New York, she then relocated to Florida, to represent a large automobile dealership group.

Schwartz earned her Certified Public Accountant (CPA) license in 1999, her Certified Fraud Examiner Designation (CFE) in 2000, and her Chartered Global Management Accountant (CGMA) license in 2011. She first joined Northwood University Florida as an adjunct instructor in 2004 and attained faculty status in 2005. In addition to teaching, she is CEO of a private accounting and consulting practice.

This culmination of experience provides her the opportunity to bring practical experience into the classroom that demonstrates the importance of accounting knowledge.

In the United States, Tax Day has typically fallen on April 15. For those filing a U.S. tax return but, living outside the United States and Puerto Rico, Tax Day has typically fallen on June 15, due to the two-month automatic extension granted to filers by IRS Publication 54.

Federal income tax was introduced with the Revenue Act of 1861 to help fund the Civil War, and subsequently repealed, re-adopted, and held unconstitutional. The early taxes were based on assessments, not voluntary tax returns. Tax payment dates varied by act.