Automatic_Extension_Requests_For_Businesses

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					Title:
Automatic Extension Requests For Businesses


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400


Summary:
The internal revenue service has recently been taking steps to cut down on clutter and streamline the tax
filing process. Now they’ve simplified business tax return extensions.



Keywords:
tax, taxes, irs, extension, automatic, form 7004, internal revenue services, tax forms



Article Body:
The internal revenue service has recently been taking steps to cut down on clutter and streamline the tax
filing process. Now they’ve simplified business tax return extensions.


Automatic Extension Requests For Businesses


In past years, some businesses had to go through a lot of paperwork to file request for extensions to file
annual business tax returns. This included filing partial extension forms such as forms 8800, 8736, 7004 and
2758. I get a headache just thinking about it. Apparently, IRS agents got one as well and have decided to do
something about.


The internal revenue service has announced it is doing away with all the different forms for filing requests
for an extension to file business tax returns. Now, all businesses can use one form to get an automatic six
month extension. Form 7004 is the document you will need. It is entitled Application for Automatic 6
Month Extension to File Certain Business Income Tax, Information and Other Returns. Okay, so the IRS
hasn’t figured out short titles. This is still a positive step in reducing the morass of forms typically required
to get extensions.


To use Form 7004 for your 2005 tax filings, you must file it by the date the tax return filing is due. You are
then automatically given a six month extension to file the return. Importantly, the extension is only for the
filing of the return, not the payment of any tax due. If you owe tax, you still have to the amount due by the
original filing period. Failure to do so will lead to penalties and interest being applied to the amount you
owe when you finally get around to taking care of the tax returns.


End of the World?
One is tempted to predict the end of the world coming soon. I don’t know about hell freezing over, but the
actions taking by the IRS in the last calendar year are the stuff of myth. First, the IRS went to bat for the
victims of Hurricane Katrina, even issuing detailed instructions on how to claim their losses on past tax
returns to get refunds to help them out. Second, the IRS actually raised the mileage allowance in the middle
of the year to give business travelers a larger deduction because the IRS felt gas prices were to high. Now,
the IRS is eliminating unnecessary and frustrating procedures to make tax filings simpler. The end must be
near.




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