global Tax Did You Miss the April 18 Deadline? Here’s What You Should Do April 28, 2022 If you missed the individual tax deadline, you may be able to cut back on penalties if you file your return ASAP. Read on. Now that the April 18th filing deadline has passed, the IRS is reminding taxpayers that while it’s too late to request an extension, you can still minimize penalties if you file your return quickly. We have the details here. April 18th deadline Since Emancipation Day was observed in the District of Columbia on Friday, April 15 this year, most individuals had until Monday, April 18th to get their returns in for 2022. Were there extensions available? Maine and Massachusetts taxpayers had until April 19, 2022 to file their returns as the Patriot's Day holiday is observed on April 18th. Additionally, victims of several recent natural disasters were granted extensions this year. This includes victims of severe storms and tornadoes in Arkansas, Illinois, Kentucky and Tennessee and victims of wildfires and straight-line winds in Colorado—these individuals will have until May 16th to file. Lastly, you were able to request an extension to October 17th if you needed more time to file. This six-month extension does not apply to taxes owed. What to do if you missed the deadline and did not request an extension Typically, the penalty for filing late is 5 percent of the unpaid taxes for each month or part of a month that a tax return is late. This starts accruing the day after the deadline and will not exceed 25 percent of your unpaid taxes. First time penalty abatement- You may qualify for one-time penalty relief if: You don’t have late filings or penalties from the last three tax yearsYou are current on all returns and balancesYou have an IRS arrangement to cover any unpaid taxes Until your taxes are paid in full, the failure to pay penalty will continue to accrue. Failing to pay results in a penalty of ½ of 1 percent of your unpaid taxes. This applies for each month or part of a month after the due date and begins accruing the day after the tax filing deadline. Need more time to pay? You can apply for an installment agreement with the IRS through the IRS Online Payment Agreement tool. Questions? Contact us.
