Tax Filing Deadlines and News You Need to Know: April 2017

Tax Filing Deadlines April 2017

Major Tax Filing Deadlines: What’s due on April 18?

Tuesday, April 18, is a major tax deadline. Here are some of the tax filing and related deadlines:

  • 2016 individual income tax returns
  • Calendar-year 2016 C corporation income tax returns
  • 2016 annual gift tax returns
  • 2016 IRA contributions
  • 2017 individual estimated tax first quarter installment
  • 2013 individual tax return amendments unless the 2013 return had a filing extension

Apply for an Extension if You Can’t File by April 18

Tax time can be stressful, but don’t panic if you can’t file your tax return on time. There’s still time to get an automatic six-month deadline extension.

There are four ways to obtain an extension:

  1. File a paper copy of Form 4868 with the IRS and enclose your payment of estimated tax due.
  2. File for an extension electronically using the IRS e-file system on your computer.
  3. Using Direct Pay, the Electronic Federal Tax Payment System, pay all or part of your estimated income tax due and indicate that the payment is for an extension.
  4. Have your tax preparer e-file for an extension on your behalf.

Remember that even if you file for an extension, you are still required to pay any taxes you owe by the April 18 filing deadline. An extension gives you more time to file your tax return, but not more time to pay the taxes you owe. You will be charged interest on any taxes you owe and do not pay by the filing deadline. If you are unable to pay on time, contact the IRS to set up a payment agreement.

Special extension rules apply to members of the military serving in combat zones and to certain others who live outside the U.S. Give us a call so we can discuss whether or not an extension is right for your situation.

2013 unclaimed tax refunds

The IRS announced that an estimated one million taxpayers who did not file an income tax return in 2013 could claim their share of $1 billion in unclaimed refunds for the 2013 tax year. The law gives most taxpayers a three-year time period to claim a tax refund. After that time, the money belongs to the U.S. Treasury. So if you did not file in 2013, to be safe, send your 2013 tax return via certified mail to arrive at the IRS by April 18.

IRS interest rates remain the same for second quarter 2017

Interest rates charged by the IRS on underpaid taxes and applied by the IRS on tax over payments will remain the same for the second quarter of 2017 (April 1 through June 30). Therefore, the rates will be as follows for individuals and corporations:

For individuals:

  • 4% charged on underpayments; 4% paid on over payments.

For corporations:

  • 4% charged on underpayments; 3% paid on over payments.
  • 6% charged on large corporate underpayments.
  • 1.5% paid on the portion of a corporate over payment exceeding $10,000.

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