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10/26/2015

Past Due Extensions

Tax extensions are great because they basically grant second chances for those who still need to file their tax return. And who doesn’t like a second chance when it comes to anything? But not only that, extensions can be strategically used to take advantage of deductions that you might not have considered the first time through your tax return. However, to receive any type of leverage from a tax extension, you need to have your extension filed on or before the original due date of your tax return. 

Here are the following due dates for extensions:
Business Tax Extension - March 16.
Personal Tax Extension - April 15.
Exempt Organization Tax Extension - Part 1 - May 15 (or the 15th day of 5th month after your tax year end date). Part 2 - August 15 ( or whenever your extended date is based on your original due date).

“What if I miss my deadline to file an extension?”
While the IRS is lenient with approving tax extensions without requesting an explanation why, the same cannot be said once the deadline has passed. Your best option will be to file your actual tax return as soon as possible to lessen the charge of fees and penalties.

Tax returns for exempt organizations are a unique example. You can have up to two extended deadlines with an extension; however, for the second extension, you are required to provide an explanation why, and must have already been approved for the first extension. If, for some reason, you missed the deadline for filing Part 2 or were not granted a second extension, then it’s the end of the line - even if you successfully filed Part 1.

Silver Lining
With exempt organizations, there may still be a chance to waive any penalties for late filing. With the Form 990 and Form 990-EZ, you can fill out a Schedule O and detail your reasonable cause for missing an extension deadline, or filing late in general. Like anything else in life, there’s no guarantee that it’ll work perfectly in your favor, but at the very least, you’ll know you did everything you could.

Avoid any IRS penalties by extending your deadline to file with ExpressExtension. Even if it’s 11:55pm local time on the day of the deadline, you can still e-file your tax extension. ExpressExtension offers a quick and easy e-filing experience that literally takes only minutes to complete. You don’t even have to be at your home computer to do so. Download our FREE mobile app for iOS and Android tablets, or visit our mobile website to e-file an extension wherever you are.

Live professionals are available at our Rock Hill, South Carolina office. Feel free to contact our expert help at (803) 514-5155, Monday through Friday from 9 a.m. to 6 p.m. EST. You can also either e-mail us at support@expressextension.com, or chat with us at www.expressextension.com for any further assistance e-filing your extension forms.



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