Extension Form

Because we have so many clients who require extension forms, we decided to dedicate a separate page of our website for this topic.

On Friday, March 20, 2020 Treasury Secretary Mnuchin announced that due to the effects of the COVID-19 virus, the IRS is extending the tax filing deadline for 2019 U.S. Individual Income Tax Returns to July 15, 2020. On Monday, June 29th, they announced that they would not extend the tax filing deadline for 2019 U.S. Individual Income Tax Returns past 7/15/20 without taxpayers filing an extension Form 4868 by July 15th (see this article).

We were going to mail reminder postcards by around April 1st with directions on how to get Form 4868 and its instructions at this page of our website to all clients for whom we prepared last year’s current year tax return, but from whom we have not received this year’s current year income tax data. CLIENTS FROM LAST YEAR (2019; TAX YEAR 2018), WE WILL NOW MAIL THOSE POSTCARDS TO YOU ON OR AROUND 7/1/20. However, since our postcard will simply direct you to this page of our website, and you are already here, you might as well take care of filing your extension Form 4868 now.

If you are wondering if we can still prepare your income tax return by the new July 15th deadline, we cannot tell you with certainty, because we have never before been in this situation. I can tell you that we normally receive enough returns by April 15th that it takes until August to get them all completed. Therefore, this year, due to the COVID-19 virus, I am removing altogether our deadline to submit your 2019 tax data to us in order for us to be able to get your return prepared by this new July 15th deadline. Instead, I would STRONGLY recommend that you submit your 2019 tax data to us ASAP, especially if 1) you have been financially impacted by the COVID-19 virus restrictions and could use any expected refund or 2) you expect to owe tax and would like to know the amount ASAP to allow you the maximum amount of time before the July 15th payment due date to save up the money.

Remember you can always file (by the filing deadline) for an extension using Form 4868 and then we can prepare your tax return when we have completed all the ones in line ahead of you. As an incentive, if you submit your tax data to us by NOON Friday, July 10th, we will input that data into our computer and generate the Form 4868 for you. If our preliminary (that means not final, and certainly not guaranteed) results show you are due a refund, then we will mail your extension form for you, since a signature is not required. However, if our preliminary results show you owe money, we will call you to get an email address or a fax number to where we can email or fax you the Form 4868 so you can mail it in with a check in order to avoid some penalty and interest. Also, if you live in a state that has a state income tax, be forewarned that you need to know what your state’s (extension) filing requirements and deadline are and satisfy them on your own.

If you believe you will not be able to submit your income tax data to our office by July 10th, then you can simply print off our Form 4868 instructions and go to Form 4868 to download and fill out Form 4868. (I know, Form 4868 from the IRS’s website still says the filing deadline is April 15th, but it is really July 15th. The Spanish version of Form 4868 comes with a notice that the due date has been extended to July 15th, but the instructions to the form still say it is due April 15th.) Be sure to print off all pages of Form 4868, but especially pages 1 and 4. Then follow the instructions to complete the form yourself and mail it to the correct IRS address for your state shown on page 4 of Form 4868. Be sure to notice that one column of addresses is for taxpayers who ARE making a payment with their Form 4868 and the other column of addresses is for taxpayers who do not owe additional tax and ARE NOT making a payment. This extends your federal filing deadline until October 15th. However, it DOES NOT EXTEND THE DATE TO PAY ANY TAX OWED. ALTHOUGH TAX PAYMENTS NORMALLY DUE BY APRIL 15, 2020 HAVE BEEN EXTENDED UNTIL JULY 15, 2020 WITHOUT BEING ASSESSED ANY PENALTIES NOR INTEREST, PENALTIES AND INTEREST WILL BE ASSESSED AS OF JULY 16, 2020. Also, you are responsible for knowing and satisfying your state’s tax filing deadline requirements.  BE AWARE THAT IF YOU DID NOT SUBMIT YOUR TAX DATA TO US BY JULY 10TH, WE CANNOT PREPARE YOUR EXTENSION FORM FOR YOU, BECAUSE 1) WE DON’T HAVE YOUR TAX DATA AND 2) WE ARE FOCUSED ON ASSISTING THE SCORES OF CLIENTS WHO HAVE SUBMITTED THEIR TAX DATA TO US.

As another option, you may go to the IRS’s website for information on how to file your extension through them, as well as watch videos on how to pay your tax http://www.irsvideos.gov/PaymentAlternatives/player/frame-flv.htm. Finally, our tax software provider has a convenient link to pay your tax through a variety of methods. For your convenience, click on this link http://www.1040paytax.com/.