If you could not complete your 2022 tax return by April 18, 2023 and are now on extension, that extension expires on October 16, 2023. 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 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 16 filing deadline.
Although the October due date is normally October 15th, for 2023, the 15th falls on a weekend, so the due date automatically moves to the next business day which is Monday October 16th.
If you are waiting for a K-1 from a partnership, S-corporation, or fiduciary (trust) return, the extended deadline for those returns is September 15 (October 2 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 16 for most states.
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 16 due date. 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 16, 2023, Deadlines
In addition to being the final deadline to timely file 2022 individual returns on extension, October 16 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 2022, 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 2022 report was April 18, 2023, but individuals have been granted an automatic extension to file until October 16, 2023.
- SEP-IRAs – October 16, 2023, is the deadline for a self-employed individual to set up and contribute to a SEP-IRA for 2022. The deadline for contributions to traditional and Roth IRAs for 2022 was April 18, 2023.
- Special Note – Disaster Victims – If you reside in a Presidentially declared disaster area, the IRS provides additional time to file various returns, make payments and contribute to IRAs. Check this website for disaster related filing and paying postponements.
Please call this office for extended due dates of other types of filings and payments and for extended filing dates in disaster areas. Please don’t procrastinate until the last week before the due date to file your extended returns.
