If you missed the tax filing deadline this year, you’re not alone. Many individuals and business owners in Conway find themselves needing a plan after April passes. The good news is that missing the deadline doesn’t mean you’re out of options—you just need to act quickly and strategically.

At Peavy & Associates, we help clients get back on track, minimize penalties, and resolve tax issues efficiently. Here’s what to do next if you missed the 2026 tax deadline.

⏳ File Your Tax Return as Soon as Possible

The most important step is to file your tax return immediately, even if you can’t pay the full amount owed.

Why this matters:

• The failure-to-file penalty is typically higher than the failure-to-pay penalty
• Filing sooner reduces the total penalties and interest you’ll owe
• It helps you stay compliant with IRS requirements

Even if you’re late, submitting your return quickly can significantly reduce the financial impact.

💰 Understand the Penalties

Missing the tax deadline can result in two main types of penalties:

Failure-to-file penalty:

• Usually 5% of unpaid taxes per month (up to 25%)

Failure-to-pay penalty:

• Typically 0.5% of unpaid taxes per month

Interest also accrues on any unpaid balance. The longer you wait, the more these costs add up—so acting fast is key.

📄 Pay What You Can Now

If you’re unable to pay your full tax bill, pay as much as possible right away. This helps reduce interest and penalties over time.

You may also consider:

• Setting up a payment plan with the IRS
• Exploring short-term or long-term installment agreements

Making a partial payment is always better than paying nothing.

🧾 Check If You Qualify for Penalty Relief

In some cases, you may be eligible for penalty abatement, especially if you have a history of filing on time.

You may qualify if:

• This is your first time missing a deadline
• You experienced circumstances beyond your control (illness, emergencies, etc.)

A professional accountant can help determine if you qualify and assist with the request.

⚠️ Don’t Ignore the Problem

Ignoring a missed tax deadline can lead to more serious consequences, including:

• Increased penalties and interest
• IRS notices and collection actions
• Potential liens or levies

Taking action now can prevent these issues from escalating.

💼 How a Local Accountant Can Help

If you’re feeling overwhelmed, working with a professional can make the process much easier. At Peavy & Associates in Conway, we:

• Prepare and file late returns accurately
• Help minimize penalties and interest
• Communicate with the IRS on your behalf
• Create a plan to stay compliant moving forward

Our goal is to take the stress off your plate and get you back on track quickly.

📍 Get Back on Track Today

Missing the tax deadline isn’t ideal—but it’s fixable. The sooner you take action, the better your outcome will be.

If you’re in Conway or surrounding areas, contact Peavy & Associates today for expert help with late tax filing and resolution.

Schedule your consultation now and move forward with confidence.

Small business owners are always looking for ways to save money and many make the mistake of trying to handle payroll duties on their own. Even if you only have a single employee, payroll services can save you money. There are serious fines and consequences for not meeting reporting deadlines or keeping accurate tax records for employees.

There are many facets to maintaining payroll ranging from employee withholdings to business deposits and withdrawals. It may include paid time off (PTO), 401k deductions and garnishments. It requires a significant amount of time and effort that could be better spent growing your business.

Flexibility

Small business owners face a variety of challenges and a payroll service helps you remain flexible and meet those challenges as the business environment and economy changes. You could be encountering supply chain issues or need to quickly scale up production to meet increased demand. Payroll services enable you to keep ahead of changing circumstances and minimize business disruptions.

Rules and Regulations

Payroll services enable you to remain compliant with state and federal reporting requirements and deadlines. You’ll also be compliant with the many regulations governing employee benefits ranging from retirement funds to insurance coverage.

Fines and Penalties

You can run afoul of the IRS for multiple reasons ranging from failure to pay business income tax, underpayments or late payments. The fines and fees associated with even small infractions increase over time and limits cash flow to your business. A payroll service reduces your risk.

No Degree Necessary

You don’t have to have experience or a degree in accounting. Your payroll company has the knowledge and experience to attend to all the details. They’ll provide you with accurate accountings and keep you informed of the financial health of your business.

Security

You need to maintain security against physical and cyber incursions. A data breach at your company can cost you dearly, leave your business vulnerable to ransomware attacks, and compromise employee data. Payroll services utilize advanced security measures to keep sensitive information about your enterprise safe.

At Peavy and Associates PC our mission is to assist you with all your tax preparations, payroll and accounting needs.  We provide our clients with professional, personalized accounting services and guidance in a wide range of financial and business needs. Give us a call today and discover why our clients return to Peavy and Associates, PC year after year!

Contact Us Today

If you’re a small business owner, you may attempt to maintain your payroll with software that can be obtained anywhere software is sold. You may think you’re saving money, but you may find yourself spending more time attending to accounting and payroll tasks than operating your enterprise. Even if you only have a single employee, you can benefit from the services of a payroll processing service.

It’s important that you understand the IRS ultimately holds you responsible for all payroll requirements, even if you hire a payroll service. Do your research and choose a payroll company that meets your individual needs and has experience. Ask friends, family and other business owners which service they use and if they’re satisfied with the company.

Accuracy

A payroll service will know exactly how much in taxes to keep out for each employee and ensure their pay check arrives on time, whether pay periods are weekly or bi-monthly. The service will calculate federal, state and FICA for employees, along with creating W-2s and 1099s. It will enable you to stay compliant with all applicable state and federal laws.

Filing Requirements

Businesses are held to different filing times and requirements than private individuals. A payroll service will help ensure you meet filing deadlines and pay the appropriate tax amounts to avoid penalties and fines.

Paying Yourself

Depending upon the type of business you have, you may be required to pay yourself. A payroll service can do this and it’s especially important if you’re considered self-employed. The service will calculate your own taxes, along with personal state unemployment taxes and federal unemployment taxes.

Saves Time

Payroll is a complicated process and the average business owner spends more than 6 hours per month handling payroll. A payroll service will streamline the process, take care of all the details, and give you more time to spend on operating your business.

At Peavy and Associates PC our mission is to assist you with all your tax preparations, payroll and accounting needs.  We provide our clients with professional, personalized accounting services and guidance in a wide range of financial and business needs. Give us a call today and discover why our clients return to Peavy and Associates, PC year after year!

Contact Us Today

A payroll service provider helps small business owners streamline the process of collecting payroll taxes and filing federal and state reports. Payroll services experts provide support to help make sure compliance with federal and state regulations and requirements governing payroll and paychecks in any state. Get the systems and resources you need to properly hire and manage employees, as well as pay employees when you grow.

Make the most of your employee base. Most small business owners don’t expect to encounter payroll headaches right away. If you plan to provide employees with paper reports, such as your paychecks and federal tax reports, you will probably be surprised at the number of errors that can pop up over time. The time savings gained from payroll services can more than outweigh the cost of providing paper reports for each individual employee. With electronic reports, there is no need to print out paper copies of documents that have been downloaded.

Your payroll services company can provide reports that include both payables. In general, the reports will contain summary information, which includes gross pay, deductions, and net income, as well as specific details about each employee’s pay, assets, and deductions. The information provided should be consistent with the types that are listed in your employee manual. To make sure the information is correct, it’s a good idea to have a payroll services company verify the information.

Prepare your financial reports properly. Payroll reports are not filed with federal tax forms; instead, they must be filed with W-2 form documentation. For some, this may mean an entirely new filing procedure. For others, simply making sure their payroll numbers match what they filed in the last year can make the difference between success and failure.

You can also take care of a lot of your tax-related worries by making direct deposit. Many companies today offer automatic direct deposit, meaning they deposit the employee’s paycheck directly into their bank account every payday. This saves them time and eliminates the need to write out checks, which saves money. It also makes it easier to track all of the employees’ expenses. If you do not currently have an automatic direct deposit program, talk to your payroll services provider. They may be able to recommend an option that you have not considered.

At Peavy and Associates PC our mission is to assist you with all your tax preparations, payroll and accounting needs.  We provide our clients with professional, personalized accounting services and guidance in a wide range of financial and business needs. Give us a call today and discover why our clients return to Peavy and Associates, PC year after year!

Contact Us Today