Tax Planning

5 Myths (and the Truth) About Extensions for Business Income Tax Returns

3/25/2021

Just as there is a filing deadline for personal income tax, businesses are subject to an annual deadline for their federal tax returns. While there is a March 15th deadline for partnerships and S-corps that operate on a calendar year, calendar-year C-corps and sole proprietors are on the April 15th deadline – just like personal returns (Note that the individual tax return deadline has been extended to May 17th for 2021).

Though those dates sometimes vary based on whether the deadline falls on a holiday or Sunday, for the 2020 tax year the appropriate dates are the 15th of both March and April of 2021. Whether a business is able to meet those deadlines is an entirely different question: When they can’t, the answer is a filing extension. Unfortunately, many myths have sprung up about filing an extension. This guide will put your questions to rest.

The Myths and the Real Deal on Business Tax Filing Extensions

Myth #1 – You have to justify your request for an extension of your business tax return

The Real Deal – The IRS really does not care why you are requesting an extension for your business return. While most people postpone filing because they are missing returns, their tax specialist is running behind, or because they simply didn’t set aside enough time to get them done, there are many other good and not-so-good reasons. As long as you make sure that the IRS knows you are extending, you are fine.

Myth #2 – You don’t need to notify anybody or fill out any paperwork to extend your filing

The Real Deal – Unless you fall into a couple of very specific categories, you absolutely do need to let the IRS know that your return will be delayed. If you are an S-corporation, a C-corporation or a partnership, notify the IRS of an extension using Form 7004. If you are a sole proprietor or independent contractor who attaches Schedule C to your personal tax returns, or a farmer who uses Schedule F, request an extension by filling out Form 4868. Alternatively, those types of businesses can notify the IRS of your planned extension by paying an estimated tax payment, checking the appropriate box to ensure that they know that is the purpose.

The special categories referenced above include those who the federal government offers a deadline waiver to as a result of a natural disaster such as a hurricane. Those affected by Texas’ winter storm in February were already notified that they would get an extension to June 15th 2021 for their 2020 tax return.

Sole proprietors who live abroad have until June 15th 2021 to file and are offered the possibility of another four months if needed by filing an extension.

Myth #3 – If you extend your tax filing, you also can extend your tax payment

The Real Deal – Though the government is willing to allow you more time to get your paperwork in, and will waive any penalties for a late filing if you notify them of an extension, you still need to pay your taxes on time. Failure to provide the IRS with the money that the government expects from you will subject you to late payment penalties, and those penalties will continue to add up and accrue interest until you submit the government’s money.

Myth #4 – Once you ask for an extension, you’re more likely to be audited

The Real Deal – Though this has long been rumored, there is no proof that filing your return late will call more attention to the IRS’ auditors. There is a specific process that all returns go through and a specific set of circumstances that trigger red flags for the agency, but an extension is apparently not one.

Myth #5 – The IRS will let your state know about your tax extension.

The Real Deal – Though there are a couple of states that communicate with the IRS so that a federal filing extension automatically triggers the same for your local government, that is by no means the rule for all states. New York, with its requirement that both individuals and partnerships and C and S corporations fill out specific forms in order to extend their filing by six months, is a perfect example. The only way to be certain is to check directly with your state.

Closing thoughts

As convenient as a tax filing extension may be, and as tempting as it may be to give yourself the additional time that it provides, it’s important to remember that your filing will impact more than your company’s tax forms. Extending your filing for a pass-through organization like partnerships or limited liability companies with multiple members will mean that all stakeholders will need to also file for an extension on their personal tax returns, and will also mean that an anticipated refund will also be delayed.

If you have any questions about your tax filing or your eligibility for an extension on federal and/or state returns, contact your accountant or tax professional today.

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Steward Financial

Jon Osborn is a tax preparer based in San Dimas, California. His company, Steward Financial Services, offers a broad range of tax preparation, accounting and business consulting for small businesses. He loves to work with clients who are looking for answers to complex tax and business planning issues. He has owned several small businesses and worked with over one hundred small business owners. He helps his individual and business tax clients find the best ways to spend their money in order to minimize IRS tax. Small businesses looking to grow, sell or just increase cash flow are one of Jon's specialties.

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- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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