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THIS MONTH’S TOP TAX FAQS ON FILING EXTENSIONS
Question #1 – Will the IRS automatically accept an expat’s request for a tax return extension from June 15 to October 15?
Answer – Yes. If your extension request form is timely filed by June 15, the IRS will automatically grant you an extension to file your income tax return until October 15.
Question #2 – Does an extension to file also mean an extension to pay tax?
Answer – No. If you owe tax, the extension to October 15 applies only to the tax return filing and not to the tax payment obligation. Therefore, you must still have submited your payment to the IRS by May 17 to avoid paying interest on your late payment.
Late payment penalties do not commence until June 15.
Question #3 – Is October 15 the absolute last date for an expat to timely file his or her tax return?
Answer – Not necessarily. In certain cases, a further extension may be granted by the IRS if, for good reason, October 15 does not provide sufficient time to file the tax return.
An Expat Tax Professional should be consulted to discuss this extension option.
Question #4 – Is an extension request required for the FBAR?
Answer – No, while the techincal due date of the FBAR is Aprial 15, the IRS automatically extends the FBAR deadline to October 15, even without an extension request. Importantly, no further extension will be granted past October 15.
