Filing Deadlines - Cole & Waxman Tax Services https://colewaxman.com/category/filing-deadlines/ Cole & Waxman Tax Services Tue, 05 May 2026 18:38:39 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.2 https://colewaxman.com/wp-content/uploads/2021/02/cropped-5-1-e1613045617871-1-32x32.png Filing Deadlines - Cole & Waxman Tax Services https://colewaxman.com/category/filing-deadlines/ 32 32 2023 Tax Filing Deadlines: A Comprehensive Guide https://colewaxman.com/2023-tax-filing-deadlines-a-comprehensive-guide/ https://colewaxman.com/2023-tax-filing-deadlines-a-comprehensive-guide/#respond Sun, 03 Mar 2024 09:15:28 +0000 https://colewaxman.com/?p=2503 The post 2023 Tax Filing Deadlines: A Comprehensive Guide appeared first on Cole & Waxman Tax Services.

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Tax season is upon us, and it's essential to stay informed about key deadlines to ensure timely filing and compliance with IRS regulations. Whether you're an individual taxpayer, a business owner, or a tax professional, understanding the various filing deadlines is crucial for effective tax planning and preparation. Here's a comprehensive guide to all tax deadlines for the 2023 tax season, including extensions:

Tax Filing Type Original Deadline Extension Deadline
Individual Tax Returns April 15, 2024 October 15, 2024
Partnership Tax Returns March 15, 2024 September 16, 2024
Corporation Tax Returns April 15, 2024 October 15, 2024
Trust and Estate Returns April 15, 2024 October 15, 2024
Foreign Bank Account Reports April 15, 2024 October 15, 2024
Individuals Outside the U.S. June 17, 2024 October 15, 2024

 

Foreign Bank Account Reports (FBAR): Taxpayers with foreign financial accounts exceeding certain thresholds are required to file an FBAR (FinCEN Form 114) by April 15, 2024. The extended deadline is October 15, 2024 and is automatic, so no need to stress over the earlier deadline.

It's important to note that while extensions provide additional time to file tax returns, they do not extend the deadline for paying any taxes owed. Taxpayers should estimate their tax liability and pay any outstanding taxes by the original filing deadline to avoid penalties and interest.

Stay organized and informed about these deadlines to ensure compliance with IRS regulations and avoid potential penalties. If you have any questions or need assistance with tax planning and preparation, don't hesitate to reach out to a qualified tax professional.

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]]> https://colewaxman.com/2023-tax-filing-deadlines-a-comprehensive-guide/feed/ 0 2023 Tax Filing Deadlines https://colewaxman.com/2023-tax-deadlines/ https://colewaxman.com/2023-tax-deadlines/#respond Tue, 21 Feb 2023 10:39:18 +0000 https://colewaxman.com/?p=2399 The post 2023 Tax Filing Deadlines appeared first on Cole & Waxman Tax Services.

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As we enter a new year, it’s important to keep track of important tax deadlines to ensure compliance and avoid penalties. Please remember that you need to provide all of the information required to prepare your tax return and FBAR 45 days in advance of any filing deadline.

Here are the key U.S. tax deadlines for 2022 for personal, partnership, and corporate tax returns:

Personal Tax Deadlines:

April 18, 2023 - This is the deadline for individual tax returns for the 2022 tax year. If you need more time to file, you can request an extension until October 16, 2023, but be aware that any taxes owed are still due by April 18, 2023.

June 15, 2023 - If you need more time to file, you can request an extension until October 15, 2023.

Partnership Tax Deadlines:

March 15, 2023 - This is the deadline for partnerships to file their tax returns for the 2022 tax year. If you need more time to file, you can request an extension until September 15, 2023.

Corporate Tax Deadlines:

March 15, 2023 - This is the deadline for S corporations to file their tax returns for the 2022 tax year. If you need more time to file, you can request an extension until September 15, 2023.

April 18, 2023 - This is the deadline for C corporations to file their tax returns for the 2022 tax year. If you need more time to file, you can request an extension until October 16, 2023.

Additionally, it’s important to note that quarterly estimated tax payments for tax year 2023 are due on the dates listed below.  Note that the tax filing deadlines do NOT extend the deadlines for paying taxes.  To minimize penalties and interest, make conservative estimated tax payments prior to the non-extended filing deadlines.

  • April 18, 2023
  • June 15, 2023
  • September 15, 2023
  • January 16, 2024

It’s essential to stay on top of tax deadlines to avoid penalties and interest charges. Make sure you have all your documentation in order, and if you need additional time, be sure to request an extension in advance. As always, it’s recommended to consult with a tax professional to ensure compliance and optimize your tax strategy.

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]]> https://colewaxman.com/2023-tax-deadlines/feed/ 0 More Covid Tax Relief: IRS Announces penalty relief for 2019 and 2020 tax returns https://colewaxman.com/more-covid-tax-relief-irs-announces-penalty-relief-for-2019-and-2020-tax-returns/ https://colewaxman.com/more-covid-tax-relief-irs-announces-penalty-relief-for-2019-and-2020-tax-returns/#respond Tue, 30 Aug 2022 11:52:26 +0000 https://colewaxman.com/?p=2363 The post More Covid Tax Relief: IRS Announces penalty relief for 2019 and 2020 tax returns appeared first on Cole & Waxman Tax Services.

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On 24-August-2022, the IRS announced they will provide penalty relief to most people and businesses who file late 2019 or 2020 returns. Additionally, the IRS said taxpayers who already paid these penalties will automatically receive a refund by the end of September. The IRS expects nearly 1.6 million taxpayers will receive more than $1.2 billion in refunds.

To qualify for this penalty relief, any eligible income tax return must be filed on or before 30-September 2022. We urge any clients that have not yet filed 2019 or 2020 returns – particularly if they expect tax due – to contact us immediately and we will try to submit in time.

The main purpose of the relief is to help struggling taxpayers affected by COVID-19. However, it is also designed to help the IRS focus its resources on processing backlogged tax returns and improve taxpayer correspondence. With the expanded budget going forward, we are hopeful the IRS will improve the timing of processing tax returns as well as respond more efficiently in communications. Many of our clients have felt the pain over the past two years in slow IRS response time and this will hopefully improve in the future.

The relief applies specifically to the failure to file penalty (interest, failure to pay, etc will still apply). The failure to file penalty is typically 5% per month (up to 25%) of the unpaid tax when a federal income tax return is filed late. For example, if you owe $5,000 the penalty is $250 per month up to a maximum of $1,250.

The Federal income tax returns include most Personal (Form 1040) and Corporations (Form 1120). Additionally, Form 1041, 1065, 1066, 990-T and 990-PF.

The IRS also announced additional relief for filers of various foreign informational returns, such as transactions with foreign trusts, receipt of foreign gifts, and ownership in foreign corporations. This includes Forms 5471, 5472, 3520, and 3520-A.

In cases where the relief of penalties results in a refund, the balance will first be applied to any outstanding liabilities for the taxpayer. Any remaining refund will be paid by check and mailed to taxpayers’ current address in the IRS system. There is not an option for direct deposit.

Bottom Line: Most taxpayers do not need to do anything. If you already filed the 2019 and 2020 tax returns, the IRS will automatically remove the failure to file penalties where applicable. However, for anyone that has not yet submitted a 2019 or 2020 tax return and expect tax due, it is very important they submit return by 30-September-2022.

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]]> https://colewaxman.com/more-covid-tax-relief-irs-announces-penalty-relief-for-2019-and-2020-tax-returns/feed/ 0 The 2022 Tax Calendar https://colewaxman.com/the-2022-tax-calendar/ https://colewaxman.com/the-2022-tax-calendar/#respond Sun, 09 Jan 2022 19:23:42 +0000 https://colewaxman.com/?p=2265 The 2022 tax calendar for specific IRS due dates for filing your U.S. tax forms and paying your taxes. Different due dates apply to individuals and corporations.

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January 2022 Tax Due Dates

January 3 - Self-Employed Individuals Pay Half of Deferred 2020 Social Security Taxes

January 18 - Estimated Tax Payment for 4th Quarter of 2021 (Form 1040-ES)

April 2022 Tax Due Dates

April 1 - First Required Minimum Distribution (RMD) by Individuals Who Turned 72 in 2021

April 18:

    • File 2021 Tax Return (Form 1040) and Pay Tax Due (except for residents of Maine and Massachusetts).  The extensions are applicable for tax filings only.  There is no extension on tax payments.
    • File Form 4868 to Request 6-Month Income Tax Return Filing Extension (payment of tax not extended)
    • Estimated Tax Payment for 1st Quarter of 2022 (Form 1040-ES)
    • Contribute to Individual Retirement Account (IRA) for 2021
    • Withdraw Excess IRA Contributions in 2021 to Avoid Penalty if Filing of Form 1040 Was Not Extended
    • Contribute to Health Savings Account (HSA) for 2021
    • Contribute to Solo 401(k) Plan or Simplified Employee Pension (SEP) Plan for 2021 by Self-Employed if Filing of Form 1040 Was Not Extended

June 2022 Tax Due Dates

June 15:

    • Estimated Tax Payment for 2nd Quarter of 2022 (Form 1040-ES)
    • U.S. Taxpayers Living and Working Abroad File 2021 Tax Return (Form 1040)
    • U.S. Taxpayers Living and Working Abroad File Form 4868 to Request 4-Month Income Tax Return Filing Extension (payment of tax not extended)
    • Military Personnel on Duty Outside the U.S. File 2021 Tax Return (Form 1040)
    • Military Personnel on Duty Outside the U.S. File Form 4868 to Request 4-Month Income Tax Return Filing Extension (payment of tax not extended)

September 2022 Tax Due Dates

September 15 - Estimated Tax Payment for 3rd Quarter of 2022 (Form 1040-ES)

October 2022 Tax Due Dates

October 17:

    • File Extended 2021 Tax Return (Form 1040) and Pay Tax Due
    • Apply for a second extension to December 15 if you live overseas and have not filed
    • Withdraw Excess IRA Contributions in 2021 to Avoid Penalty if Filing of Form 1040 Was Extended
    • Contribute to Solo 401(k) Plan or Simplified Employee Pension (SEP) Plan for 2021 by Self-Employed if Filing of Form 1040 Was Extended

December 2022 Tax Due Dates

December 12 - Contribution to Employer-Sponsored Retirement Plan for 2022 (401(k), 403(b), 457 or federal thrift savings plans)

December 15 - Second extended filing deadline for taxpayers living overseas.

December 31 - Required Minimum Distribution (RMD) by Individuals Who are 73 or Older at the End of 2022

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]]> https://colewaxman.com/the-2022-tax-calendar/feed/ 0 Tax Filing Dates https://colewaxman.com/tax-filing-dates/ Wed, 20 Jan 2021 13:14:21 +0000 https://xpattaxservices.com/?p=1083 Important due dates for filing your 2020 tax return and payments Our policy is to file extensions for all active clients. If you generally owe tax, or expect to owe tax this year then take care to make your payments now.  Call us if you need clarification. 12-February-2021 Tax filings accepted by the IRS 28-March-2021 […]

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]]> Important due dates for filing your 2020 tax return and payments

Our policy is to file extensions for all active clients. If you generally owe tax, or expect to owe tax this year then take care to make your payments now.  Call us if you need clarification.

  • 12-February-2021 Tax filings accepted by the IRS
  • 28-March-2021 Passover starts; office open for emergencies during chol ha'mo'ed
  • 15-April-2021
    • Tax filing deadline for US residents 
    • 2021 1st quarter estimated payments due
    • Make final payments for 2020 (if necessary)
    • Make final contributions or take distributions from IRA's tax year 2020
    • Israel independence day (we're available for emergencies)
  • 15-June-2021
    • Tax filing deadline for overseas residents (including Israel)
    • 2021 2nd quarter estimated payments due
  • 15-September 2021 3rd quarter estimated payments due
  • 20-September Sukkot starts; office open for emergencies during chol ha'mo'ed
  • 15-October-2021
    • extended filing deadline for individuals (final for US residents)
    • *FBAR filing deadline
  • 15-November-2021 (approximate) IRS closes eFile.  Paper filings only until approximately 01-February-2022.
  • 15-December-2021 2nd extended filing deadline for individuals living overseas (including Israel)
  • 15-January-2022 - 2021 4th quarter estimated payments due


* Technically speaking, the FBAR deadline is April 15, 2021. But if you miss that deadline, then it is automatically extended to October 15, 2021 so the latter date is the effective deadline for EVERYONE.

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