Filing Taxes By Extended Deadline-What Have We Learned Since April 15?

More taxpayers than ever are filing on October 15th

The Internal Revenue Service (IRS) predicts that more taxpayers than ever before have chosen to wait to file their 2018 individual tax returns until the October 15, 2019 extended deadline. This is thought to be due to the many changes brought about by the Tax Cuts and Jobs Act and the continuing flow of guidance from the IRS in response to that legislation.

IRS guidance since April 15th must be taken into account

Aside from the additional time available with an extension to process all of those changes, a number of developments have occurred since April 15.  These developments can be taken into account when filing a tax return on extension:

  • Additional guidance on the twenty percent deduction for pass-through entities
  • Additional guidance on Qualified Opportunity Zones
  • Additional guidance on the state and local tax deduction limit, including a safe harbor
  • Expanded waiver of the underpayment of estimated tax penalty
  • IRS letters sent to taxpayers, who may have engaged in virtual currency transactions
  • Additional federal disaster declarations
  • Pending corrections to the Tax Cuts and Jobs Act still not undertaken by US Congress
  • Pending actions on expired tax provisions still not undertaken by US Congress
  • Several areas of business-related guidance that could affect sole proprietors, partners, and S Corporation shareholders

Expertise is critical in dealing with recent tax changes

Federal tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at Wolters Kluwer Tax & Accounting, is available to discuss these developments and their potential effect on tax returns filed on extension.

PLEASE NOTE: The content of this article is designed to provide accurate and authoritative information in regard to the subject matter covered. The information is provided with the understanding that Wolters Kluwer Tax & Accounting is not engaged in rendering legal, accounting, or other professional services.

To read our full press release click here.

Contact: To arrange interviews with Mark Luscombe, other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topic, please contact:

Contacts

MARISA WESTCOTT
212-771-0853
marisa.westcott@wolterskluwer.com

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

All stories by: Wolters Kluwer Tax and Accounting