Tag Archives: tax extension form 7004

Taxpayer Experience Office formally established to improve service across the IRS

As part of a longer-term effort to improve taxpayer service, the IRS has officially established the first-ever Taxpayer Experience Office and will soon begin taking additional steps to expand the effort.

“As the IRS continues taking immediate steps this filing season including adding more employees to address the significant challenges facing a resource-constrained IRS, it’s critical that we work going forward to equip the IRS to be a 21st century resource for Americans,” said IRS Commissioner Chuck Rettig. “The formal establishment of this office will help unify and expand efforts across the IRS to improve service to taxpayers.”

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IRS issues FAQs for Tax Year 2021 Earned Income Tax Credit

The Internal Revenue Service issued frequently asked questions (FAQs) for the 2021 Earned Income Tax Credit to educate eligible taxpayers on how to properly claim the credit when they prepare and file their 2021 tax return.

The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families in the form of a credit to either reduce the taxes owed or an added payment to increase a tax refund. The amount of the credit may change if the taxpayer has children, dependents, are disabled or meet other criteria.

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IRS extends April 15 and other upcoming deadlines, provides other tax relief for victims of Texas winter storms

The IRS has come in cover of the victims of recent Texas winter storms by extending the March 15 and April 15 due dates till June 15 and the detailed announcements as follows;

Victims of this month’s winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Following The recent disaster declaration issued by the Federal Emergency Management Agency (FEMA),  the IRS is providing this relief to the entire state of Texas. But taxpayers in other states impacted by these winter storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

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As required by law, all first and second Economic Impact Payments issued; eligible people can claim Recovery Rebate Credit

The IRS announced on Feb. 16th that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season.

Beginning in April 2020, the IRS and Treasury Department began delivering the first round of Economic Impact Payments within two weeks of the legislation. The IRS issued more than 160 million EIPs to taxpayers across the country totaling over $270 billion, while simultaneously managing an extended filing season. In addition, since Congress enacted the COVID-related Tax Relief Act of 2020, the IRS has delivered more than 147 million EIPs in the second-round totaling over $142 billion.

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Taxpayers should file by July 15 tax deadline; automatic extension to Oct. 15 available

IRS has easy ways to help taxpayers who need more time or payment options 

The Department of the Treasury and IRS announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15.

Due to COVID-19, the original filing deadline and tax payment due date for 2019 was postponed from April 15 to July 15.

The IRS reminds taxpayers filing Form 1040 series returns that they must file Form 4868 by July 15 to obtain the automatic extension to Oct. 15. The extension provides additional time to file the tax return – it is not an extension to pay any taxes due.

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Tomorrow March 15 is the deadline for Form 7004 Business Tax Extension

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The Business Income Tax Extension Form 7004 is due for certain business types by March 15th; Corporations, including S-corporations, operating on the calendar year for tax purposes must file for their business tax extension on the 15th day of the 3rd month. Some other business types like Partnerships, LLCs, and sole proprietorships have until April 15th for the due date to file for their tax extension. Don’t wait till the last minute to efile an extension form, file early to get it done right away. Electronic filing is simple, easy and quick; as easy as 1-2-3!

Form 7004 can be e-filed through http://ExtensionTax.com. All the returns shown on Form 7004 are eligible for an automatic extension of time to file from the due date of the return. However, Form 7004 cannot be filed electronically for Forms 8612, 8613, 8725, 8831, 8876, or 706-GS(D). Form 7004 must be filed on or before the due date of the applicable tax return. The due dates of the returns varies with the calendar or fiscal year filing deadlines. File a separate Form 7004 for each return for which you are requesting an extension of time to file.  Continue reading →

IRS Provides Additional Day to File and Pay for Taxpayers Through Wednesday, April 18; IRS Processing Systems Back Online

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The Internal Revenue Service announced that it is providing taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. Individuals and businesses with a filing or payment due date of April 17 will now have until midnight on Wednesday, April 18. Taxpayers do not need to do anything to receive this extra time.

The IRS encountered system issues Tuesday morning. Throughout the system outage, taxpayers were still able to file their tax returns electronically through their software providers and Free File. Taxpayers using paper to file and pay their taxes at the deadline were not affected by the system issue.

“This is the busiest tax day of the year, and the IRS apologizes for the inconvenience this system issue caused for taxpayers,” said Acting IRS Commissioner David Kautter. “The IRS appreciates everyone’s patience during this period. The extra time will help taxpayers affected by this situation.” Continue reading →

What Taxpayers Should do When They Need More Time to Pay

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From the IRS latest issue (Issue Number: Tax Tip Number 2018-58), IRS shares a most important  tax tip about getting more time to pay the tax liabilities.

All taxpayers should file their taxes on time, even if they can’t pay what they owe. This saves them from a potential failure-to-file penalty. While taxes are due by the original due date of the return, some taxpayers are unable to pay them by the deadline.

Here are some tips for those who can’t pay their taxes in full by the April 17 deadline:

  • File on Time and Pay as Much as Possible. Taxpayers can pay online, by phone, by check or money order, or with their mobile device using the IRS2Go app.
  • Get a Loan or Use a Credit Card to Pay the Tax. The interest and fees charged by a bank or credit card company may be less than IRS interest and penalties.
  • Use the Online Payment Agreement tool. Taxpayers should not wait for the IRS to send a bill before setting up a payment plan. The best way to do this is to use the Online Payment Agreement tool. Taxpayers can also file an Installment Agreement Request with their return and set up a direct debit agreement, eliminating the need to send a check each month.
  • Don’t Ignore a Tax Bill. The IRS may take collection action against taxpayers who don’t respond to notices. Taxpayers should contact the IRS right away by calling the phone number on their bills to talk about options. The IRS will work with taxpayers suffering financial hardship.

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