October Tax Filing Deadline
Are you going to meet your October tax filing deadline?
If you could not complete your 2018 tax return by the normal April tax filing deadline and are now on extension, that extension expires on October 15, 2019. Failure to file before the extension period runs out can subject you to late-filing penalties.
There are no additional extensions (except in designated disaster areas), so if you still do not or will not have all of the information needed to complete your return by the extended due date, please call your Fiducial office so that we can explore your options for meeting your October 15 filing deadline.
If you are waiting for a K-1 from a partnership, S-corporation, or fiduciary return, the extended deadline for those returns was September 16 (September 30 for fiduciary returns). So, you should make inquiries if you have not received that information yet.
Late-filed individual federal returns are subject to a penalty of 5% of the tax due for each month, or part of a month, for which a return is not filed, up to a maximum of 25% of the tax due. If you are required to file a state return and do not do so, the state will also charge a late-file penalty. The tax filing deadline for individual returns that were granted an extension is also October 15 for most states.
In addition, interest continues to accrue on any balance due, currently at the rate of 5% per year. This rate is subject to adjustment quarterly.
If your Fiducial office is waiting for some missing information to complete your return, we will need that information at least a week before the October 15 due date. Please call your Fiducial office immediately if you anticipate complications related to providing the needed information, so that a course of action may be determined to avoid potential penalties.
October Corporate Tax Filing Deadline
October 15 is the filing deadline for the following:
FBAR Filings – Taxpayers with foreign financial accounts, the aggregate value of which exceeded $10,000 at any time during 2018, must file electronically with the Treasury Department a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). The original due date for the 2018 report was April 15, but individuals have been granted an automatic extension to file until October 15, 2019.
SEP-IRAs – October 15, 2019 is the tax filing deadline for a self-employed individual to set up and contribute to an SEP-IRA for 2018. The deadline for contributions to traditional and Roth IRAs for 2018 was April 15, 2019.
*Special Note – Disaster Victims – If you reside in a Presidentially declared disaster area, the IRS provides additional time to file various returns and make payments.
Please call your Fiducial office for extended due dates of other types of filings and payments and for extended tax filing deadlines in disaster areas.
Other October Tax Filing Deadlines
October 15 – Social Security, Medicare and Withheld Income Tax
If the monthly deposit rule applies, deposit the tax for payments in September.
October 15 – Nonpayroll Withholding
If the monthly deposit rule applies, deposit the tax for payments in September.
October 31 – Social Security, Medicare and Withheld Income Tax
File Form 941 for the third quarter of 2019. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until November 12 to file the return.
October 31 – Certain Small Employers
Deposit any undeposited tax if your tax liability is $2,500 or more for 2019 but less than $2,500 for the third quarter.
October 31 – Federal Unemployment Tax
Deposit the tax owed through September, if more than $500.
October Individual Tax Filing Deadline
October 10 – Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.October 15 is the extended due date for filing federal individual tax returns for 2018. If you have an automatic 6-month extension to file your income tax return for 2018, file Form 1040 and pay any tax, interest, and penalties due.
October 15 – Taxpayers with Foreign Financial Interests
If you received an automatic 6-month extension of time to report your 2018 foreign financial accounts to the Department of the Treasury, this is the due date for Form FinCEN 114.
October 15 – Individuals
If you have an automatic 6-month extension to file your income tax return for 2018, file Form 1040 and pay any tax, interest, and penalties due.
October 15 – SEP IRA & Keogh Contributions
Last day to contribute to a SEP or Keogh retirement plan for calendar year 2018 if tax return is on extension through October 15. If the monthly deposit rule applies, deposit the tax for payments in September.
