Tax moves to make in October
Taxes on garage sale earnings

IRS files tax lien against Al Sharpton

The Rev. Al Sharpton usually gets headlines for events that he stages. This time, though, the attention is not the kind that anyone wants.

June 14, 2010 - New York, New York, U.S. - REVEREND AL SHARPTON arriving at the Apollo Theater's Spring 2010 Benefit Concert & Awards Ceremony at The Apollo Theater in New York City on 06-14-2010.  2010..K65175HMc. © Red Carpet Pictures

The IRS this week filed a $538,652 lien against Sharpton in connection with what Uncle Sam says are unpaid taxes assessed in 2009.

Sharpton's lawyer, Michael Hardy, told the Detroit News' Tax Watchdog column that he and the political activist are confused by the IRS action.

Hardy said the pastor was granted an extension to file his 2009 taxes by Oct. 15.

"It's kind of odd. I totally don't understand why they would file a lien on taxes that are technically not due yet," Hardy said. "He is going to file his 2009 taxes and pay in full, whatever it may be."

Oct. 15 rules: Based on his comments, I'm wondering whether Mr. Hardy is a tax lawyer. I hope not.

All taxpayers and their tax professionals, especially those who read the ol' blog, should know that that an extension to file is just that: IRS permission to get the paperwork in later.

But any due taxes, or a close estimate of what is owed, must be sent in by the regular April 15 tax-filing deadline.

If you also filed for an extension of your 2009 tax return and haven't yet submitted your Form 1040, you have just two weeks to do so.

Remember, even though you paid most of your tax bill when you sent in your Form 4868 extension request, if you don't get your actual return to the IRS by Oct. 15, you could be hit with a failure-to-file penalty, which is tougher than what's assessed for not paying.

The final filing countdown clock there in the left column will keep you apprised of the days, hours, minutes and seconds as they tick away.

Hat tip: TaxProf

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