- October 15 is the extended due date for filing federal individual tax returns for 2018.
- Late-filing penalty
- Interest on tax due.
- Other October 15 deadlines.
If you could not complete your 2018 tax return by the normal April filing due date and are now on extension, that extension expires today, October 15, 2019. Failure to file before the extension period runs out can subject you to late-filing penalties.
Unless you are in a designated disaster area, there are no additional extensions. If you still do not have all of the information necessary to complete your return today, please contact us. We can help you explore options to lessen potential penalties.
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). If you have not received that information yet, it is necessary to begin making inquiries as soon as possible.
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 quarterly adjustments.
If your Tarlow tax advisor is waiting for some missing information to complete your return, we will need that information today, and as soon as possible. If you anticipate complications related to providing the needed information, please contact your Tarlow tax advisor today to determine a course of action 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:
- FBAR Filings – Taxpayers with foreign financial accounts, the aggregate value of which exceeded $10,000 at any time during 2018, 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 2018 report was April 15, but individuals have been granted an automatic extension to file until October 15, 2019.
- SEP-IRAs – October 15, 2019 is the deadline for a self-employed individual to set up and contribute to a SEP-IRA for 2018. The deadline for contributions to traditional and Roth IRAs for 2018 was April 15, 2019.
- 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 contact us for extended due dates of other types of filings and payments and for extended filing dates in disaster areas. If you have any questions or concerns regarding the October 15 deadlines, please contact us today!