The countdown for filing 2016 tax returns has “restarted” for taxpayers who submitted for an extension before the April 18th midnight filing deadline. Their returns are now due by Monday, October 16.
Millions of taxpayers seek more time every year, and as the April deadline for filing 2016 tax returns neared, the IRS estimated that more than 13-million taxpayers would submit for an extension to file their return.
Tax Adviser Sheillia Banks says if you filed an extension, it’s very important that you do not miss Monday’s deadline.
"You do NOT want to miss filing your 2016 taxes because you’ll incur a failure to pay penalty of 5-percent each month," said Banks. "It’s also important to note that there is no extension to an extension.”
Banks says typically, the extension deadline is October 15, but because that is a Sunday this year taxpayers get one extra day, but that’s all the extra time you have.
“There is no extension to the extension because that deadline has passed. In order to file an extension you would have had to submit your request by this past April 18 midnight deadline,” said Banks.
Banks says this year, the IRS has given special consideration to victims of natural disasters. Individuals in affected disaster areas, like those hit hard by Hurricanes Harvey, Irma or Maria, have until January 21, 2018 to file their October 16 extended tax returns.
