Tag Archives: Automatic Extension of time

Heads up for taxpayers who requested an extension: The deadline is Oct 15

IRS in its latest issue (Issue Number: Tax Tip 2018-156) highlighted the October 15 deadline for those who got 6-month automatic extension of time to report income tax returns…. you can read the full issue here.

October 15 is the filing deadline for taxpayers who requested an extension for their 2017 tax return. However, those who have an extension should mark this coming Monday, Oct. 15 as the deadline to file.

While the deadline is just around the corner, there are still things these taxpayers can remember to make sure they file a complete and accurate return. Here are a few tips and reminders for taxpayers who have not yet filed:

Try IRS Free File or e-file. Taxpayers can e-file their tax return for free through IRS Free File. The program is available on IRS.gov through Oct. 15. IRS e-file is easy, safe and the most accurate way to file taxes.  Continue reading

October 15 is just around the corner and time for extension filers to report tax returns

The standard six-month tax extension allows you to file your tax return after the usual deadline of April 15. However, it doesn’t buy you more time to pay any taxes you may owe. That means that if you don’t pay your tax balance by the filing deadline (April 17 in 2018), you’ll get hit with penalty and interest. Almost 14 million taxpayers filed for an extension of time to report their income tax returns. So they got their due date pushed from April 17th to October 15. still haven’t filed your return? then you are running out of time, because the tax filing extension deadline is October 15, 2018. Once Oct. 16 rolls around, taxpayers who still haven’t filed and owe the IRS will face a 5 percent monthly failure-to-file penalty. This would increase and go upto maximum of 25 percent depends on your case.

Need Additional Tax (Second) Extension

Once you successfully request a tax extension, remember that you must file your tax return by the new extended deadline. If you miss the October 15 due date, you will be subject to IRS late fees, penalties, and interest. It is also important to note that you will not be allowed to request any further extensions. Your request for an automatic extension of time will grant you an extra six months to file your taxes, but that’s your one and only chance to ask for a bit of a reprieve.

Only under few exemptions IRS grands you additional time, see do you qualify for it:

For tax year 2017, the extended filing deadline is October 15, 2018.

Extension filers can start with IRS.gov to find answers to tax questions

IRS has release a new issue (Issue Number: Tax Tip 2018–80) to help out extension filers with more information on how to find answers to some of their tax related question and here we go..

Taxpayers have tax questions at various times of the year. This summer, many taxpayers who received an extension might have questions about the 2017 tax returns they are filing.  Here are tools and resources on the IRS website that can help these taxpayers find the help they need:

Researching an answer to a tax question

Checking on a refund status

  • The online Where’s My Refund? tool allows taxpayers to check the status of a tax refund for the most current tax year they filed.
  • The audio version of Where’s My Refund? is available by calling 800-829-1954.

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IRS has issued an update on processing Exempt Organizations filing Form 990 series

IRS has sent a recent update on processing Exempt Organizations Tax return filed in Form 990 series…

Form 990 processing changes

As of January 8, the IRS is returning Form 990 series returns filed on paper – and rejecting electronically filed returns – when they are incomplete or the wrong return. IRS.gov answers the question What happens if my Form 990 is missing information or a schedule, or is the wrong return?

Form 990-EZ reminders

Tax-exempt organizations with annual gross receipts under $200,000 and assets under $500,000 (at the end of the reporting period) can use Form 990-EZ, Short Form Return of Organization Exempt from Income Tax, to meet their annual filing requirement. This means you’ll submit less information and fewer schedules than the “full” Form 990, Return of Organization Exempt from Income Tax.

Form 990-EZ includes “assistive” features designed to make filing easier, quicker, and more accurate. These 29 “help buttons” don’t replace the instructions, but they do alert the filer to traditionally troublesome areas and have decreased the error rate for paper-filed returns.

The IRS encourages exempt organizations to file electronically, noting the error rate for electronically-filed returns was only 1% for 2017. A list of companies providing this service is on IRS.gov.

Form 990-series returns are due on the 15th day of the fifth month after an organization’s tax year ends. For organizations using the calendar year as their tax year, May 15 is the deadline to file for 2017. If you need an extension of time to file, use Form 8868, Application of Extension of Time to File an Exempt Organization Return.

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