In response to the seismic disaster that struck our country, the Banking Regulation and Supervision Agency (BDDK) has taken decisive action. Through the official decree published in the Official Gazette on April 28, 2023 (No: 32174), the BDDK, with its decision No: 10585 dated April 27, 2023, has extended the deadline for applications related to deposits subject to statute of limitations.
Background
The extension of the deadline, as per the third paragraph of Article 8 of the relevant regulation, was initially set at June 15, 2023. However, considering the aftermath of the recent earthquake, the BDDK has deemed it necessary to grant an additional grace period. As a result, the new deadline for the submission of claims related to deposits, participation funds, custodies, and receivables that faced expiration in 2022 is now September 15, 2023.
This extension holds significant implications for depositors and rightful claimants. It provides an extended window of opportunity for individuals to assert their rights concerning deposits that have reached the statute of limitations. It is crucial for affected parties to take advantage of this additional time and submit their claims to the banks promptly.
To facilitate the submission process, banks across the country will be accepting applications until the revised deadline. Depositors and claimants are required to adhere to the stipulated timeframe and ensure that all necessary documentation is complete and accurate. Failure to comply with the submission deadline may result in the forfeiture of rights to the affected assets.
Legal Basis for Extension
The decision to extend the deadline is rooted in the BDDK's commitment to ensuring a fair and just process for all parties involved. The exceptional circ*mstances arising from the recent seismic event have warranted this extension, allowing individuals to navigate the claims process with the necessary diligence.
Conclusion
In conclusion, the extension of the deadline for deposits subject to the statute of limitations is a responsive measure taken by the BDDK in light of the recent seismic disaster. This article serves as a comprehensive guide for depositors and claimants, outlining the background, implications, and procedures related to the extended deadline until September 15, 2023. It is imperative for affected parties to act promptly and adhere to the revised timeline for claim submission.
Once the original date under the statute of limitations is extended by a signed consent, it may be further extended by the mutual agreement of the parties before the expiration date of the previous extension period. The fixed-date consent is used for most examination and appeal activities.
If you need more time to file your taxes, you can request an extension through October 15. You must file your request by the April tax filing due date to get the extension. Make sure you pay any tax you owe by the April filing date. The extension is only for filing your return.
An extension of time to file your return does not grant you any extension of time to pay your taxes. You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties. You must file your extension request no later than the regular due date of your return.
The deadline for most people to file a 2023 tax return with the IRS is fast approaching; returns are due by 11:59 p.m., in your time zone, on Monday, April 15, with some exceptions.
The IRS has a relatively short time to complete an audit and its resources are limited. Consequently, the IRS often must ask taxpayers to “voluntarily” extend the assessment-period by granting a Form 872 (Consent to Extend the Time to Assess Tax) or some variation thereof.
A statute of limitation is the time period established by law during when IRS can review, analyze, and resolve your tax-related issues. When the statutory period expires, we can no longer assess or collect additional tax, or allow you to claim a refund.
You can use IRS Free File at IRS.gov/freefile to request an automatic filing extension or file Form 4868, Application for Automatic Extension of Time to File. An extension to file is not an extension to pay taxes.
You'll get a notice from the IRS if your extension request is denied. While the reasons behind this vary, the most common ones are: Misspellings, switched numbers and other errors on the extension request form.
There isn't a penalty for filing for an extension on taxes, but you are expected to pay any taxes due by tax day. If you don't pay taxes on time, you will incur late penalties, but you can avoid these penalties by setting up a payment plan with the IRS.
(Subd (b) amended effective January 1, 2023; previously amended effective January 1, 2007.) (1) An application to extend time must include a declaration stating facts, not mere conclusions, and must be served on all parties. For good cause, the Chief Justice or presiding justice may excuse advance service.
What happens after you file a tax extension? You still have to file your final return by Oct. 15, 2024. If you miss the October due date, penalties will accrue.
A tax return extension gives you six more months to file, but you must still pay your taxes on time. Learn about tax return extensions or how to pay your tax bill in installments. While you will get more time to file your return, an extension does not grant you more time to pay your taxes.
If you missed the tax deadline, didn't file an extension and you owe taxes, there's a good chance you will incur both late filing penalties and late payment penalties. You'll also have to pay interest on the money that you owe until it's completely paid.
There is no penalty for filing a tax extension. However, not paying on time or enough, or failing to file altogether, may cost you. If you don't pay the full amount you owe, the IRS will charge you interest on the unpaid tax balance until you pay the full amount.
If you don't pay your estimated taxes with your extension and owe money, you'll have to pay interest on that money as well as a potential penalty when you do file. Some taxpayers are automatically granted more time to file.
The written agreement by the taxpayer and the IRS to extend the period for assessment is often referred to as an "extension" or "statute extension" . The agreement is also referred to as a "consent" .
Suspending and extending the collection period both delay the CSED. Certain events can suspend or extend the 10-year CSED. When we're prohibited by law from collecting tax, the CSED collection period is generally suspended, which means the time we can collect tax pauses.
In some cases, the IRS can take more than 10 years to collect tax debts. This happens when an event causes the clock to stop ticking on the statute of limitations and the deadline gets extended. This is called tolling the statute of limitations.
The standard statute of limitations for tax debts is 10 years, beginning from the date the tax return was filed or tax was assessed, whichever is later.
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