Late Filing Deadline Is Less Than 3 Weeks Away

October 17th marks the official late filing date for those taxpayers that filed Form 4868 back in April to request a six-month extension. In 2020, almost 12 million taxpayers filed Form 4868. That number increased to 13.5 million in 2021 and is estimated to be almost 19 million in 2022. This IRS continues to urge taxpayers to finish filing before the deadline as the returns are processed in a first in first out method.

In late June, the IRS announced that it had finally finished processing Form 1040 paper returns that it had received in 2021. This shows the delay the IRS has in processing, and it’s not just impacting taxpayers. Tax preparers and Certified Public Accountants have repeatedly stated that it has been almost impossible to get in contact with anyone from the IRS when they have questions, even after requesting an extension.

It is important that taxpayers make the October 16 deadline because if you fail to do so your penalty and interest calculations go back to the original due date of April 18th. The IRS also announced a waiver of the failure to file penalties for some taxpayers that still need to file their tax returns for 2019 and 2020. To be eligible for that waiver, the deadline is September 30th.

For more information on tax deadlines and assistance please reach out to the Professionals at The Center for Financial, Legal, and Tax Planning Inc., at (618) 997-3436.