Tuesday, March 15, 2016

Today's the Last Day to Extend Your Business Return

Hey, business filers! You’ve got a lot of filing going on right now, what with the 1099 and W-2 e-filing deadline at the end of the month, and, oh yeah, the business tax return deadline that’s today!

If you’ve been a little distracted (and who could blame you?) and need some more time to file your business’s tax return, then now’s the time to act. And by act, I mean head on over to our sister product’s site, www.ExpressExtension.com, to e-file a Form 7004.

Form 7004 is the business tax extension form, and it must be filed by March 15 (today) each year. Once your form’s been processed by the IRS, you’ll be granted an automatic 5- or 6-month extension to file your tax return. Specific partnerships, trusts, and estates are only eligible for a 5-month extension, but most business will see their due date extend from March 15 to September 15.

Keep in mind that Form 7004 only extends your time to file your return, not pay any taxes owed. You’ll still need to pay any taxes your business owes to the IRS by today. You can contact the IRS directly for information on setting up a payment plan at the IRS’s business tax hotline, 1-800-829-4933.

E-filing Form 7004 with ExpressExtension only takes a few minutes if you have all of your information prepared, and your extension is generally processed and accepted within an hour of filing. To file, you’ll need the name, address, and EIN of your business, which must match what the IRS has on file. Additionally, you’ll need to provide an estimate of how much you owe in taxes. A reason, however, isn’t required to get an extension of time to file.

After your extension has been processed, ExpressExtension will even send you an email letting you know whether your form was accepted or rejected. If you paper file an extension, it’s not the IRS’s policy to notify you whether or not they accepted it: best case scenario, it gets accepted, and everything proceeds as normal. On the other hand, if it gets rejected and you assumed it wouldn’t be, you’re looking at a lot of late filing penalties. So use ExpressExtension. I know we’re a little biased, but wouldn’t you rather be 100% sure of your extension’s acceptance? Plus, if it does get rejected, you can correct and retransmit your form absolutely free!

We’ll be back with your regularly scheduled 1099/W-2/ACA blogs on Wednesday, and if you have any questions in the meantime, just give us a shout! The ExpressIRSForms team is available (and can answer your extension questions as well!) to assist you live Monday through Friday, 9:00 a.m.-6:00 p.m. EST by phone (704-839-2270) and live chat. We’re also available - although a little less “instant” - 24/7 at support@expressirsforms.com.

No comments:

Post a Comment