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October Extended Due Date Just Around the Corner

Article Highlights:

  • October 17 is the extended due date for filing federal individual tax returns for 2021.

  • Late-filing penalty

  • Interest on tax due

  • Other October 17 deadlines

If you could not complete your 2021 tax return by the normal April filing due date and are now on extension, that extension expires on October 17, 2022. Failure to file before the extension period runs out can subject you to late-filing penalties.

There are no additional extensions (except in designated disaster areas), so if you still do not or will not have all of the information needed to complete your return by the extended due date, please call this office so that we can explore your options for meeting your October 17 filing deadline. This may mean filing the return with the information you currently have and then completing and filing an amended return when the rest of your info is available.

If you are waiting for a K-1 from a partnership, S-corporation, or fiduciary return, the extended deadline for those returns was September 15 (September 30 for fiduciary returns). So, you should probably make inquiries if you have not received that information yet.

Late-filed individual federal returns are subject to a penalty of 5% of the tax due for each month, or part of a month, for which a return is not filed, up to a maximum of 25% of the tax due. If you are required to file a state return and do not do so, the state will also charge a late-file penalty. The filing extension deadline for individual returns is also October 17 for most states.

In addition, interest continues to accrue on any balance due not paid or paid late, currently at the rate of 6% per year. This rate is subject to adjustment quarterly.

Please call this office immediately if you anticipate complications related to providing the needed information, so that a course of action may be determined to avoid the potential penalties.

Additional October 17, 2022, Deadlines – In addition to being the final deadline to timely file 2021 individual returns on extension, October 17 is also the deadline for the following actions:

  • FBAR Filings - Taxpayers with foreign financial accounts, the aggregate value of which exceeded $10,000 at any time during 2021, must file electronically with the Treasury Department a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). The original due date for the 2021 report was April 18, but individuals have been granted an automatic extension to file until October 17, 2022.

  • SEP-IRAs – October 17, 2022, is the deadline for a self-employed individual to set up and contribute to a SEP-IRA for 2021. The deadline for contributions to traditional and Roth IRAs for 2021 was April 18, 2022.

  • Special Note – Disaster Victims – If you reside in a FEMA designated disaster area, the IRS provides additional time to file various returns and make payments. For example, for taxpayers in areas affected by hurricanes Fiona and Ian, the extended due date for filing their 2021 Form 1040 returns is extended until February 15, 2023.

Please call this office for extended due dates of other types of filings and payments and for extended filing dates in disaster areas.

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