GOAL IS SMOOTH
The IRS announced on Tuesday that it is granting five extra days to certain partnerships and S corporations, whose returns are due March 15, to request automatic six-month extensions. The extension to March 20 applies to business taxpayers affected by the two recent winter storms, Quinn and Skylar, that primarily hit the Northeast and Mid-Atlantic United States.
The returns cited in the IRS announcement are Form 1065, U.S. Return of Partnership Income, Form 1065-B, U.S. Return of Income for Electing Large Partnerships, and Form 1120S, U.S. Income Tax Return for an S Corporation. Taxpayers and practitioners wishing to take advantage of this relief should file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, by March 20.
Taxpayers who file Form 7004 on paper should mark their copy of the extension request “Winter Storm Quinn” or “Winter Storm Skylar.” As always, the IRS emphasizes that it is easiest to requests extensions of time electronically.
The IRS said it will monitor conditions to determine whether any other filing or other relief is needed.
BUSINESSES AFFECTED BY WINTER STORMS GIVEN MORE TIME
Certified Public Accountants FAX 732-516-9778
328 Amboy Ave, Metuchen NJ 08840