Accounting News

Tuesday, April 17, 2012
Tax Day Schadenfreude

We have finally made it to tax day 2012. There are still about 30% of the people that are waiting till today to file. The reason is there is no benefit to file early, only a penalty if you file late. So the IRS has incented everyone to wait until the last minute if you owe taxes. But with interest rates as low as they are hopefully the money hasn't been sitting in a passbook account.

So for all the accountants great work on making it to summers. For everyone still waiting to file get that check in the mail before the post office closes tonight. And we can all enjoy the tax day specials that many businesses offer today.

For everyone writing a check today I give you a bit of schadenfreude. At least you don't owe $1.1 million like Lionel Ritchie. The 62 year old artist had a lien filed on his home for the back taxes. Ritchie blamed his last past business team for the problem. He says his new accountant is in the process of correcting the problem.

Labels: , ,