global Tax Are You Ready for the October 17th Tax Deadline? September 22, 2022 Are you prepared for the upcoming deadline? Here are the key actions you must take before Monday, October 17, 2022. October 17, 2022 is the last day for filing several types of income tax returns for 2021 (extended). Here are the details on what actions you need to take before October 17th. What’s due 10/17? 2021 individual income tax returns. Individual taxpayers who requested an extension to file their 2021 individual income tax return must file that return on or before 10/17. 2021 calendar year corporate income tax returns. Calendar year corporate taxpayers that requested an extension to file their 2021 corporate income tax return must file that return on or before 10/17. 2021 calendar year electing large partnership income tax returns. Calendar year electing large partnerships that requested an extension to file their 2021 income tax return must file that return on or before the 10/17 deadline. Recharacterizations of IRAs. Are you looking to recharacterize a Roth IRA contribution to a regular IRA? Generally, the deadline for recharacterizing a contribution made during a year is the due date, including extensions, for that tax year. For the 2021 calendar year, the due date to recharacterize IRA contributions is 10/17/22. 2021 income tax return for taxpayers living and/or working abroad. U.S. citizens or resident aliens residing overseas, or in the military on duty outside the U.S. that previously requested an extension to file their 2021 individual income tax return must file that return on or before 10/17. There is an additional discretionary two-month extension of time to file your return to 12/15 for taxpayer living and/or working abroad if you cannot meet the October deadline. To request it you must send a letter to the IRS by October 17 with an explanation of the reasons for requesting the extra time. Extended due date for 2021 FBAR returns. Do you have foreign accounts with an aggregate value that exceeded $10,000 during 2021? You must file a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (i.e., FBAR). The FBAR filing deadline is the same as your federal income tax return but there is an automatic extension until 10/17 to file the FBAR. Extended rollover period for a qualified plan loan offset amount. Taxpayers with a qualified plan loan offset (QPLO) have until the due date, including extensions, for the tax year in which the offset is treated as distributed from the plan. For the 2021 calendar year, the due date to roll over any portion of the QPLO to an eligible retirement plan is 10/17/22. Questions on your filing requirements? Contact us.
