Guide to federal extension filings

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 extension.

1. Individual income tax return form 1040: File Automatic Extension Form 4868 by April 15, 2020. This is good for six months to October 15. (The 2nd extension via form 2688 in August is gone).

2. S corporate income tax return form 1120S: File Automatic Extension Form 7004 by March 16, 2020. This is good for six months through September 15.

3. Regular C corporate income tax return form 1120: File Automatic Extension Form 7004 by April 15, 2020. This is good for six months through October 15.

4. Partnership return form 1065: File Automatic Extension Form 7004 by March 16, 2020. This is good for five months through September 15.

5. Employee retirement plan return form 5500: File Extension Form 5558 by July 31, 2020. This is good until October 15, 2020. There is no second extension.

6. Exempt organization return form 990: File Extension Form 8868 by May 15, 2020 good through November 16.

7. Fiduciary income tax return form 1041 for estates and trusts: File Automatic Extension Form 7004 by April 15, 2020.

9. W2s: Due January 31, 2020 to employees and the Social Security Administration (SSA).

10. 1099s: Due January 31, 2020 to the IRS for reporting amounts in Box7 (February 28 if there’s no amount in Box 7).

11. Estate tax form 706: File extension 4768 nine months after date of death for six 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.

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Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation.

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He retired after 50 years of defending taxpayers audited by the IRS, EDD, BOE and other governmental agencies. He published a book on “How to Avoid or Survive IRS Audits.” Readers may email tax questions to [email protected].

Victor Sy, CPA, MBA (retired)

Victor Santos Sy, MBA. CPA (Retired) Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation. * * * He retired after 50 years of defending taxpayers audited by the IRS, EDD, BOE and other governmental agencies. He published a book on “How to Avoid or Survive IRS Audits” that’s available at Amazon. Readers may email tax questions to [email protected].

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