If you still need to complete your 2021 tax return by April 18th, 2022 and are now on extension, that extension expires on October 17th, 2022. Failing to file before the extension period runs out to avoid late-filing penalties.
There are no additional extensions available, so if you still need to get the necessary information to complete your return by the extended due date, please call this office so that we can explore your options for meeting your October 17th filing deadline.
Although the October due date usually is October 15th, for 2022, the 15th falls on a weekend, so the due date automatically moves to the next business day, Monday, October 17th.
If you are waiting for a K-1 from a partnership, S-corporation, or fiduciary return, the extended deadline for those returns is September 15th (September 30th for fiduciary returns). You should make inquiries if you have not received that information yet.
Late-filed individual federal returns are subject to a 5% penalty of the tax due for each month, or part of a month, for which a return is not filed, up to 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. For most states, the filing extension deadline for individual returns is October 17th.
In addition, interest continues to accrue on any balance due, currently at the rate of .5% per month.
If this office is waiting for some missing information to complete your return, we will need that information at least a week before the October 17th due date. Please call this office immediately if you anticipate complications related to providing the information needed so that a course of action may be determined to avoid the potential penalties.
Additional October 17th, 2022, Deadlines – In addition to being the final deadline to timely file 2021 individual returns on extension, October 17th is also the deadline for the following actions:
FBAR Filings - Taxpayers with foreign financial accounts whose aggregate value exceeded $10,000 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 18th, 2022, but individuals have been granted an automatic extension to file until October 17th, 2022.
SEP-IRAs – October 17th, 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 18th, 2022.
Special Note – Disaster Victims – If you reside in a Presidentially declared disaster area, the IRS provides additional time to file various returns and make payments.
Please call this office for extended due dates of other types of filings and payments and extended filing dates in disaster areas.