Sy Accountancy Corporation

704 Mira Monte Place, Pasadena, California 91101

Tel (626) 744-0200, Fax (626) 744-0300, vsy@victorsycpa.com

 

GUIDE TO FEDERAL EXTENSION FILINGS

By Victor Sy, CPA, MBA

 

This article is lovingly dedicated to our fellow taxpayers who like to wait and wait and wait until the very last minute, then get excited on the very last day to file ...... an extension.  If you just happen to be one, save this article for future reference.

 

Remember that extensions are for time to file, not to pay.  Pay any tax due when you apply for an extension.

 

1.   Individual Income Tax Return Form 1040: File Automatic Extension Form 4868 by April 15.  This is good for six months. The 2nd extension via form 2688 in August is gone.

 

2.   Corporate Income Tax Return Form 1120:  File Automatic Extension Form 7004 by March 15.  This is good for six months through September 15.

 

3.   Partnership Return Form 1065: File Automatic Extension Form 7004.  This is good for six months until October 15. The need for a 2nd extension in July has been eliminated.

 

4.   Employee Retirement Plan Return Form 5500: File Extension Form 5558 by July 31.  This is good for 2-1/2 months until October 15. There is no second extension.

 

5.    Exempt Organization Return Form 990: File Extension Form 7004 by May 15. Extensions cannot      exceed 180 days through November 15.

 

6.   Fiduciary Income Tax Return Form 1041 for Estates: Use Form 7004 above for Exempt organizations.

 

7.   Fiduciary Income Tax Returns Form 1041 for Trusts: File Form 7004 by April 15 for an automatic extension of six months through October 15. Form 8800 for 2nd extension in July is gone.

 

8.   W2s and 1099s: File Extension Form 8809 by February 28/29.  This is good for 30 days until March 30. You may file a second Extension Form 8809 for another 30 days until the end of April.

 

9.   Estate Tax Form 706: File extension 4768 nine months after date of death for three months.

 

10. Gift Tax Form 709: File extension Form 8892 by April 15 for an automatic extension of six months through October 15. Form 2688 for 2nd extension in August no longer applies.

 

Just in case you feel desperate for an extension form on April 14, call (626) 744-0200.  We will be happy to either fax or email one to you. Good day.