If you could not complete your 2018 tax return by the normal April filing due date and are now on extension, that extension expires on October 15, 2019. 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 15 filing deadline.
If you are waiting for a K-1 from a partnership, S-corporation, or fiduciary return, the extended deadline for those returns is September 16 (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 15 for most states.
In addition, interest continues to accrue on any balance due, currently at the rate of 5% per year. This rate is subject to adjustment quarterly.
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 15 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 15, 2019 Deadlines – In addition to being the final deadline to timely file 2018 individual returns on extension, October 15 is also the deadline for the following actions:
If you need assistance, please contact us or schedule a consultation to review extended due dates of other types of filings and payments and for extended filing dates in disaster areas.
The information presented is of a general nature and should not be acted upon without further details and/or professional guidance. For assistance in identifying and utilizing all the tax deductions to which you are entitled, please contact us, your CPA or tax preparer.
Successfully meeting the challenges inherent to new and smaller businesses provides me with a special type of satisfaction.