Updated: Nov 22, 2019
Differing due dates and the importance of submitting early
Tiffany Huntington, EA
August 26, 2019
Every year the news focuses on the dreaded “Tax Day” in April. However, not all returns fall under this deadline. Also, what about those extensions? How long are you covered and when should you submit your information to your tax preparer in order to ensure your return(s) are filed by the due date?
Here’s what you need to know:
*Deadlines above are based on a typical calendar year and can vary for fiscal year taxpayers.
*If the deadline falls on a holiday or weekend, the deadline is the next following business day.
In order to request an extension, you must submit a request to the IRS by the original due date of your return. If your return has the original due date of April 15th, you may need to make a payment as soon as possible to avoid penalties and interest.
Having a tax preparer can be especially essential around deadlines. Many preparers will automatically extend your return and can help you estimate a payment to send in.
So, your extension has been filed, what’s the rush?
As the industry continues to change, tax returns are subject to an increasing amount of complexity as well as scrutiny and due diligence requirements on tax preparers.
The sooner you submit a complete and organized file to your tax advisor the better. At a minimum, you should submit your information two months before the due date of your return in order to guarantee a timely filing. The most common reasons for a delay in turnaround time are:
The complexity of your return and organization of your documents (shoe box full of receipts a week before the deadline is equivalent to an automatic extension);
The number of returns submitted before you (returns are typically prepared in the order they are received; the same as a restaurant prepares your food);
Changes in tax laws, government furloughs, and delays of tax forms from the IRS.
The bottom line is: returns are taking much longer to complete than in previous years and it is not unlikely to see a longer turnaround time. If you have questions, ask your tax team. After all, that is what they are there for!
Have any other questions we didn’t cover here? Have any blog requests? Contact us!