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May we get an additional extension to pay our 2014 Income Tax?

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We have expected a court...
May we get an additional extension to pay our 2014 Income Tax? We have expected a court settlement months ago and the judge has not released the money to us, which they promised every week of May 2015, then June 4, June 8, and the still have not wired it to us. We have spent all our savings and taken all the loans we could get, which has left us with only debt.
Submitted: 3 years ago.Category: Tax
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6/22/2015
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,446
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi,Up until tax year 2005, a taxpayer could file IRS Tax Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) and obtain a four-month automatic tax extension. An additional two-month tax extension could be obtained by completing Tax Form 2688. However, effective beginning with tax year 2005, the Internal Revenue Service (IRS) modified Tax Form 4868 to allow for an automatic six-month extension of the original April 15 filing deadline.
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 years ago
And then, so sorry, but here's what IRS says about a second extension...
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 years ago
Once you successfully request a tax extension, (file now for a tax extension with File Later) remember that you must file your tax return by the new extended deadline. If you miss the Oct. 15 due date, you will be subject to late fees, penalties, and interest. It is also important to note that you will not be allowed to request any further extensions.
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 years ago
Here's the IRS guidanxe on this:http://www.irs.com/articles/what-know-about-second-and-additional-tax-extensions
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 years ago
Please let me know if you have ANY questions at all... Lane
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Hi,
... just checking back in to see how things are going.
Did my answer help?
Let me know ...
Lane
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Tax Professional: Barbara, Enrolled Agent replied 2 years ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,183
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Different expert here - my name is ***** ***** please allow me to answer your specific question regarding an extension to PAY the taxes you owe.Requesting an extension to file your tax return is NOT an extension to PAY the taxes you owe.It appears from the information contained in your question that you have filed your 2014 tax return and know that you have a tax liability. If that is the case, your best course of action would be to set up an installment plan with the IRS, which usually takes more than a month for the first payment to be due. If you have not received the court settlement by the time the first payment is due, begin to make payments, and then once you receive the settlement, pay the entire balance that you owe the IRS.You can set up an installment plan at the following link:http://www.irs.gov/Individuals/Payment-Plans-Installment-AgreementsPlease let me know if you require further information or assistance.Thank you and best regards,Barb
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