The IRS said in a statement today that flood victims who were automatically given a tax extension until May 11 will have to file any additional requests for more time to file via paper. That means if you’re one of the flood victims and you want to e-File a tax extension (IRS Form 4868) to extend your tax deadline beyond May 11, you have until midnight April 15 to do so.
Here’s the full text of what the IRS said today:
The disaster relief provision extends the filing deadline to May 11, 2010 for many federal tax returns. However, we are unable to extend the e-file deadline for the Form 4868 for Tax Year 2009 beyond April 15, 2010. Affected taxpayers who are unable to e-file Form 4868 by April 15, 2010 must file their extensions on paper.
This does not mean flood victims can’t get more time beyond May 11. It just means they can’t use the convenience of e-File to extend. All additional tax extension requests must be made the old fashioned way – with paper and pencil.
When the Wall St. Journal spends some ink (or in this case pixels) on tax extensions, that can only mean one thing – tax extension season has arrived! I, for one, am very excited.
The premise of today’s article is that procrastinators might have company this year. The crazy economy plus all of the new tax laws and tax breaks may cause more business owners to request more time to finish their taxes. Readers of this blog already know we’ve been saying that all year.
The article also mentions some reasons to file an extension. And although they didn’t give 100 reasons (like some of us), there is a lot of overlap from what we’ve been saying in our Top 100 Reasons to File An Extension series.
The reasons they gave to extend are strong ones – consistent with our list. Here’s a recap:
For tax extension gurus like myself, this article is going to be the first of many see in the next two weeks. I say BRING IT ON!
Boston.com is reporting that the IRS has granted an automatic tax extension for victims of the extremely rare flooding that’s happened in Massachusetts over the last few days.
According to the article, Massachusetts counties of Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, and Worcester as federal disaster areas qualifying for individual assistance.
The article says the following:
“President Obama has declared the Massachusetts counties of Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, and Worcester as federal disaster areas qualifying for individual assistance.
Taxpayers who reside or have a business in the disaster area qualify for the May 11 deadlines in many cases, the IRS said. The IRS said its computer systems automatically identify taxpayers located in the covered disaster area and apply automatic filing and payment relief.
Taxpayers in the disaster area who have not been severely impacted by the storm are encouraged to file by the traditional IRS deadlines. But taxpayers in these areas do not have to take any action to be eligible for the extended deadlines, an IRS spokeswoman said.
Taxpayers in the affected areas will not be penalized for missing the traditional April 15 so long as they file on or before May 11. Collection activities by the IRS will also be suspended during that period, the IRS said.”
Real-Time Tax Extension Map
Below is a press release that came out earlier today. I was quoted in it for my role as spokesperson for FileLater. This is a really cool thing FileLater has done – very cutting edge when it comes to the tax industry. Enjoy!
The IRS reports that more than 15 million Americans file for tax extensions annually. So for tax procrastinators around the United States, take solace you are not alone! FileLater, the online leader in tax extensions, today announced an interactive map that makes it easy and fun for people to connect and see all of the tax extensions being filed across the nation and the cities with the highest concentration of procrastinators.
The IRS posted some interesting numbers via a press release that came out earlier today.
According to the IRS’ release, electronically filed tax returns are on track with last year and overall refunds are running nearly 10 percent higher so far in 2010.
The stats issued today cover the period through March 12. They show that while the overall number of tax returns filed this year is down slightly, the percentage of returns using e-file remains strong.
Check out these stats from the ‘Service:
The refund increase follows a number of federal tax incentives enacted last year as part of the American Recovery and Reinvestment Act, such as the homebuyer credit and the American Opportunity Credit.
“There are several new credits and deductions this year, so we encourage taxpayers to see if they qualify when they fill out their tax return,” said IRS Commissioner Doug Shulman. “To get their refunds quicker, the IRS reminds taxpayers that the fastest, easiest way is to e-file and use direct deposit.”
You might be too busy to notice that the corporate tax deadline is looming. March 15 will be here before you know it.
For those of you trying to get your taxes filed on time, the IRS announced the following schedule for the help desk for taxpayers e-filing corporation tax returns:
For you last-second filers, the desk will also be open on Saturday, March 13 from 8:30 a.m. to 5:00 p.m. All times are Eastern Time Zone.
The help desk phone number is 1-866-255-0654.
In case you need more time, there’s always the option to file a corporate tax extension. That will give your company until September 15 to file taxes.
Last week we told you that snow is a perfectly good reason to file a tax extension. Looks like the folks at the West Virginia State Tax Commissioner’s Office agree.
West Virginia Governor Joe Manchin and State Tax Commissioner Christopher Morris announced yesterday that West Virginia businesses located in counties that were affected by weather conditions are encouraged to contact the Tax Commissioner’s office for assistance.
“We understand the challenges business owners are facing,” Manchin said, “And are willing to work with those affected by the weather conditions so they may avoid penalties and fees for late tax filings.”
Businesses that were not affected by recent snowstorms must still abide by designated due dates.
The Tax Commissioner’s office may be reached at (304) 558-0751.
