THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, April 17, 1996 TAG: 9604170423
SECTION: FRONT PAGE: A2 EDITION: FINAL
LENGTH: Short : 36 lines
CORRECTIONS
Some tax advice on Tuesday's front page contained erroneous
information about seeking an extension for filing a federal tax
return.
It's too late to file for an extension. If you owe federal taxes
for 1995 but didn't file a return or seek an extension by Monday's
deadline, you are liable for an IRS penalty. This
``failure-to-file'' penalty can accumulate to a maximum of 25
percent of the taxes owed.
Filing a tax return by the end of April will hold down the
failure-to-file penalty. But if you don't pay the taxes owed when
you file your return, you are liable for another penalty.
You can still request an installment-payment plan, which requires
filing Form 9465. However, you are liable for the failure-to-pay
penalty for each month that you have not paid what you owe.
Also, part of the tax advice on Tuesday's front page gave the
wrong identification for the IRS form needed for an extension to
file. The correct number is Form 4868.
A third-floor play area for children has not yet been added to
Nauticus, as stated in a MetroNews story Tuesday about the Norfolk
attraction. Also, the story should have noted that David T. Guernsey
Jr. is president and CEO of Nauticus.
by CNB