Did you apply for an extension to file your tax return? The deadline is just around the corner and here is what you need to know.
If you filed a request for additional time to file your tax returns, that extension expires on October 15. If you are waiting for a K-1 from a partnership, S-corporation, or fiduciary return, the extended deadline was 9/15.
Late-filed individual federal returns are subject to a penalty of 5% of the tax due for each month for which a return is not filed, up to a maximum of 25% of the tax due. The states also have late-file penalties if you are required to file a state return and do not do so.
In addition, interest continues to accrue on any balance due, currently at the rate of 3% per year. You will need to provide all the necessary information for your returns to your tax preparer at least a week before October 15.
Additionally, October 15 is also the deadline for the FBAR Filings & SEP-IRAs.
If you reside in a presidentially declared disaster area, the IRS and most states provide additional time to file various returns and make payments.
Call our office for more information on extended due dates as well as extended filing dates in disaster areas.