Category Archives: efile form 8868

The deadline to file an extension for S corporation and partnership tax returns is March 15, 2021. E-file now!

Tax deadlines can sneak up on you, and nothing is more aggravating than having to pay a fine you could have avoided. Save each relevant filing date to your calendar and stay one step ahead of the IRS. So when is the 2021 “tax day”? April 15, 2021.

The IRS has extended the deadline for filing and paying business returns normally due on March 15th and April 15th to victims of the Texas winter storms until June 15th, 2021.

So when do you have to pay your taxes? If you’re mailing your return, the IRS considers it “on time” if it’s properly addressed, has enough postage, and arrives in the mail before the end of business on the filing deadline. Otherwise, you have until midnight on your tax filing deadline day to e-file your return.

So when are the tax extensions for 2021 due? You have until the due date of your taxes to file for an extension. Individuals can still file for a tax extension on April 15 if they want to. The same is true for businesses: S corporations and partnerships have until March 15 to file for an extension, while C corporations have until April 15 to file.

Here are the two important deadline details:

March 15 Deadline:

The due date for S corporation and partnership tax returns: The deadline to file your S corporation tax return (Form 1120-S) or partnership tax return (Form 1065) is March 15th, 2021.

The deadline to file an extension for S corporation and partnership tax returns is also March 15.

Forms:

  • S Corporation Income Tax Return (Form 1120S)
  • Return of Partnership Income in the United States, Form 1065

April 15 Deadline:

  • Individual tax returns are due on April 15th: Individual tax returns must be filed by April 15 (Form 1040, 1040A, or 1040EZ). The April 15 deadline also applies to sole proprietors who file Schedule C on their personal tax returns. The deadline to file for an extension to file your individual tax return is also April 15.
  • The due date for C corporation tax returns: The deadline for filing C corporation tax returns is today (Form 1120). The deadline to file for an extension to file your corporate tax return is also April 15.

Forms:

  • U.S. Corporation Income Tax Return (Form 1120)
  • Application for an Automatic Extension of Time (Form 7004)

The IRS has already begun accepting returns for 2020 since February 12, 2021. That being said, we support all major Extension Tax Application filing and are processing all the extension tax forms:

  • Form 4868 – Automatic Extension of Time To File Personal Income Tax Return
  • Form 7004 – Automatic Extension of Time To File Business Income Tax Return
  • Form 8868 – Automatic Extension of Time To File Exempt Organization Tax Return

If you need additional time, federal extension tax reporting is now easy, fast, and secured at ExtensionTax.com. You don’t have to be an expert, applying for an extension at ExtensionTax.com. It’s now made easy, 100% Fast, Safe, and Accurate since it’s an IRS-authorized e-file website to extend the income tax due dates in simple steps and on the go. You will also receive an instant TEXT alert on your extension return status in just minutes once IRS accepts your tax return.

Need Help? Free product support from our Customer Care representatives is just a phone call away. Talk to our Tax Experts, at (866) 245 – 3918 or write to support@extensiontax.com (available 9:00 a.m. – 6:00 p.m. Eastern) or take a look at our blogs, FAQ’s. It’s all just a click away.

Reminder to tax-exempt organizations: 990s, other forms due July 15; e-file best way to file

Extension of Time beyond July 15

The Internal Revenue Service today reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020. For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15. The upcoming July 15 deadline applies to many forms that were originally due May 15, including:                                                                                                                                                                                                                                                                

  • Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF, 990-BL)
  • Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990-EZ
  • Forms 8871, Political Organization Notice of Section 527 Status
  • Form 8872, Political Organization Report of Contributions and Expenditures
  • Form 990-T, Exempt Organization Business Income Tax Return
  • Form 1120-POL, Political Organization Filing Requirements
  • Form 4720, Private Foundation Excise Tax Return

Tax-exempt organizations that need additional time to file beyond the July 15 deadline can request an automatic extension by filing Form 8868, Application for Extension of Time to File an Exempt Organization Return. An organization will be allowed a six-month extension beyond the original due date. For a calendar-year 2019 return, this means the extended deadline would be Nov. 15, 2020. In situations where tax is due, extending the time for filing a return does not extend the time for paying tax. 

The IRS urges all organizations to take advantage of the speed and convenience of filing their returns electronically when possible.


Extension of Time

July 15 is the new tax day for all income tax filers, not ready then file an extension of time at ExtensionTax.com

The Treasury Department and the Internal Revenue Service have provided special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the July 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request an extension to file their return.

July 15, 2020 is just a week to go and less time left, if you’re still in need of additional time apply for extension of time using the below forms;

  • Form 7004 : Business Income Tax Extension
  • Form 4868: Personal Income Tax Extension
  • Form 8868 : Exempt Business Income Tax Extension
  • Form 2350: Personal Income Tax Extension for Out of Country filers.
Continue reading

Happy 4th of July! Extend Your Federal Income Tax Filing Deadline to OCTOBER 15

The ExtensionTax.com team wishes all a very Happy 4th of July! The IRS issued Notice 2020-134 on June 29, 2020, the automatically extended filing and payment deadline of July 15, 2020, will not be postponed, any taxpayers looking for further relief including those affected by COVID-19, who cannot pay in full should contact IRS for help. The IRS also encourages the affected taxpayers to pay what they can and consider a variety of payment options available for the remaining balance.  

“The IRS understands that those affected by the coronavirus may not be able to pay their balances in full by July 15, but we have many payment options to help taxpayers,” said IRS Commissioner Chuck Rettig. “These easy-to-use payment options are available on IRS.gov, and most can be done automatically without reaching out to an IRS representative.”

Taxpayers unable to meet the July 15 due date can request an extension to file until October 15. However, this is not an extension of time to pay. Taxpayers must estimate their tax liability on the extension-form and pay as much as they can by July 15 to avoid possible penalties and interest.

Continue reading

Calendar year Non-profits Form 990-series deadline May 15, now extended to July 15, 2020.

The IRS issued Notice 2020-23 on April 9, 2020, due to the COVID-19, automatically extending the filing and payment deadline to July 15, 2020, for almost all forms of tax returns that were slated to be due between April 1, 2020, and July 15, 2020. Of particular relevance to nonprofits, it applies to the April, May, and June 15 deadlines for any Form 990 series filer, and any required payments connected with those forms, has been automatically extended to July 15, 2020.

Continue reading