Reason for Extension: Due to severe winter weather in California and parts of Alabama and Georgia, as well as Hurricane Idalia in Georgia, the IRS extended the tax deadline for 2022 to October 16, 2023.
Who Does This Apply To: This extension is for taxpayers living or operating businesses in disaster areas as designated by FEMA.
Final Extension: October 16 is the last chance for those who filed for regular tax extensions in April. No further extensions will be given.
K-1 Forms: Those awaiting K-1 forms should have received them by now. If not, it’s important to follow up immediately.
Penalties for Late Filing: Not filing by the extended deadline can result in a 5% penalty on the tax due for each month the return remains unfiled (up to 25% maximum). Additionally, there’s a 0.5% per month interest rate on any outstanding balance.
Additional State Extensions:
Flooding in Illinois and Alaska: File by October 31, 2023.
Flooding in Vermont: File by November 15, 2023.
Locations in Maui County, Hawaii, and parts of Florida, South Carolina, and Georgia affected by Hurricane Idalia: File by February 24, 2024.
Continuous Updates: The IRS frequently updates its list of disaster areas with tax extensions. Check the disaster relief page on IRS.gov for the most current information.
Military Personnel: Those serving in combat zones usually have 180 days after leaving the combat area to file and pay taxes.
Other Important Deadlines:
FBAR Filings: For those with foreign accounts exceeding $10,000 in 2022, you must file a FinCEN Form 114. The extended deadline is October 16, 2023.
SEP-IRAs: The deadline for self-employed individuals to set up and contribute to a SEP-IRA for 2022 is October 16, 2023.
Final Reminder: As the October 16, 2023, deadline approaches, it’s essential to file and pay taxes to avoid penalties and interest. Consult an accountant if needed.
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