Category Archives: IRS Updates

Today is the last date to apply for Business Income Tax Extension Form 7004!

Hello business taxpayers! Today is the last date to report your business income tax extension form 7004. Many businesses file for business income tax extension form 7004 to get the automatic six months extension time from the IRS because they can’t report the tax returns with all supporting documents and proofs.

Among the many businesses, the last day to apply for business income extension tax form 7004 is today for the companies like LLCs, S-Corporations, Partnership firms to get the automatic six-month tax extension till September 15, 2023.

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It’s time to apply for tax extensions to get extra time to report your business and personal taxes!

Hello taxpayers! As the new tax year starts, you must report and pay your business and personal income taxes to the IRS on or before the deadlines. If you fail to report your taxes on time, IRS will charge hefty penalties, late charges, and interests over your tax dues. To avoid this unfortunate circumstance, they offer automatic extension time from three to six months based on your tax category. Therefore, you must apply for a tax extension to the IRS to avail the extra time to report your taxes to the IRS.

There are multiple tax extension forms for business and personal income taxes. Taxpayers must identify suitable income tax extension forms and apply them to the IRS within the deadlines. Let us look into extension tax forms, their purposes, and deadlines for your clear understanding. Continue reading →

For Illinois and Tennessee tornado victims, IRS extends 2021 tax-filing deadline, other deadlines to May 16

The victims of Illinois and Tennessee on December 10, 2021 suffered big damage.

Victims of this tornadoes (in parts of Illinois and Tennessee) will have until May 16, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. This is the same relief already provided to storm victims in Kentucky.

Following last week’s emergency declarations issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to taxpayers affected by storms, tornadoes and flooding that took place starting on Dec. 10 in parts of Illinois and Tennessee. Currently, relief is available to affected taxpayers who live or have a business in Bond, Cass, Coles, Effingham, Fayette, Jersey, Macoupin, Madison, Montgomery, Morgan, Moultrie, Pike and Shelby counties in Illinois and Cheatham, Decatur, Dickson, Dyer, Gibson, Lake, Obion, Stewart and Weakley counties in Tennessee. But the IRS will provide the same relief to any other localities designated by FEMA in these or neighboring states. The current list of eligible localities is always available on the disaster relief page on IRS.gov, including numerous counties in Kentucky announced last week. Continue reading →

Oct. 15 deadline approaches for taxpayers who requested extensions to file 2020 tax returns

The Internal Revenue Service reminds taxpayers about the upcoming October 15 due date to file 2020 tax returns. People who asked for an extension should file on or before the extension deadline to avoid the penalty for filing late. Electronic filing options, such as IRS Free File, are still available.

Although October 15 is the last day for most people to file, some taxpayers may have more time. They include:

Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.
Taxpayers in federally declared disaster areas who already had valid extensions. For details, see the disaster relief page on IRS.gov.

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The IRS has announced tax exemption for citizens of those states that have been impacted by storms, straight-line storms, tornadoes, and flooding.

Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced that affected taxpayers in certain areas will receive tax relief.

Tennessee – Individuals and households affected by severe storms, straight-line winds, tornadoes, and flooding that reside or have a business in Campbell, Cannon, Cheatham, Claiborne, Clay, Davidson, Decatur, Fentress, Grainger, Hardeman, Henderson, Hickman, Jackson, Madison, Maury, McNairy, Moore, Overton, Scott, Smith, Wayne, Williamson, and Wilson counties qualify for tax relief. The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after March 25, 2021, and before August 2, 2021 are postponed through August 2, 2021.

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