Tax & Accounting News

Automatic Tax Filing Extensions Available

3/31/2015

Taxpayers who need more time to complete their tax return can request an automatic six-month extension. The extension is obtained by filing IRS Form 4868 on or before the April 15 deadline.

The extension gives taxpayers until October 15 to file their return and avoids the late filing penalty. However, there are several issues that need be considered when filing an extension.

Late Payment Penalty – The extension will give extra time to file a tax return, not extra time to pay any taxes owed. If the taxpayer ends up owing when he or she does file his or her tax return, he or she will be subject to the late payment penalty of 0.5% per month and interest, which is currently three percent per year, compounded daily. Therefore, filing an extension to delay paying any tax owed can add a substantial amount to what is owed. The 4868 does provide the ability to make a payment towards the taxpayer’s tax liability with the extension penalty to help avoid or mitigate any penalties and interest.

Taxpayers abroad – U.S. citizens and resident aliens who live and work abroad, as well as members of the military on duty outside the U.S., have until June 15 to file. Tax payments are still due April 15. Members of the military and others serving in Afghanistan or other combat zone localities have until at least 180 days after they leave the combat zone to file returns and pay any taxes due.

Retirement Contributions – April 15 is the last day contributions for 2014 can be made to either a Roth or traditional IRA, even if an extension is filed. However, contributions for 2014 can be made to self-employment retirement plans through the extension period.

Individual estimated tax payment – Taxpayers, especially those who have filed for an extension, are cautioned that the first installment of their 2015 estimated taxes is due on April 15. This something frequently overlooked by taxpayers filing extensions and can lead to 2015 underpayment penalties.

FBAR Reporting – Taxpayers with an ownership or signature authority over certain foreign accounts are required to file online with the Treasury Department on or before June 30. There are no extensions and stiff penalties exist for late filing. It is not uncommon for this requirement to be overlooked by taxpayers who are on extension.

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Lee Reams II

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