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This Month's Top 3 Tax FAQs
Question #1 – What is the official extended due date of this year’s federal income tax return and FBAR?
Answer – The official extended due date for this year’s tax return and FBAR is Monday, October 16, 2023. The regular due date of October 15 is delayed by one day because it falls on a Sunday this year.
Question #2 – Can filing after the October 16 extended due date have adverse consequences even if I don’t owe tax?
Answer – Yes. While penalties for failure to file and/or failure pay taxes may not be imposed, other adverse consequences can be triggered by your delinquency. For instance, a number of important elections must be made by the due date of the tax return (including extensions) or they may be lost. Also, late filing penalties may be imposed with respect to international forms, such as the Form 3520 (ownership of trusts) or Form 5471 (ownership of a foreign corporation).
Question #3 – Is October 16 the very last date to file on time?
Answer – Not necessarily. In certain cases, a further extension may be granted by the IRS if, for good reason, October 16 does not provide sufficient time to file the tax return. Importantly, this extension applies only to the tax return, not the FBAR.
An Expat Tax Professional should be consulted to further discuss this extension option.
