Did you have yearend glitches? Relax, you don't have to admit it in public. But if you tell the Internal Revenue Service, they may cut you some slack on filing. According to CCH Inc. in Riverwoods, Ill., a publisher of tax law material, the IRS will waive penalties and interest on late returns caused by an unavoidable Y2K breakdown. That assumes you took reasonable steps to detect and correct the problem, such as running a Y2K scan of your computer beforehand and asking your financial institution if it was prepared. The waiver covers inability to file or failure to make payments on time. If that's you, contact the IRS at 800 829-1040 to get your plight on record. Expect to provide details on how the problem happened and when you expect to be able to file.
Before it's here, it's on the Bloomberg Terminal. LEARN MORE