I'm a Maryland resident. Last week, I had an accountant prepare an amendment to my 2013 tax returns (which I filed in early 2014).
This amendment means I will have to pay some extra taxes for 2013:
- State of Maryland: $464
- IRS: $2345
Of course, I assume I will have to also pay some fines/interest for paying this amount 3 years late. Is that correct?
When I asked my accountant how much the fines/interest would be, she said she didn't know. Once I sent the amendment in, the State Comptroller and the Federal Treasurer would then respond with the fines/interest amounts.
I would like to know an estimate of how much the fines/interest will be before I mail in the amendment. And what will the payment schedule be? How can I find out this information? It's very important for me to know that.
I'm interested in calculating the late fees and interest because it will determine when I file the amendment. If I file it, and they tell me "Okay, you have to pay us an additional $5,000 within the next week", I'll be stuck.