Believe it or not, we’re about two weeks away from the end of 2016. And while most of us are getting excited about the holidays, let’s not forget that tax compliance starts rather quickly after the new year - as soon as January to be exact.
If you’re not quite prepared to file by the end of January, or you’re just overly cautious, we recommend e-filing an IRS 8809 extension form for an automatic 30-day extension to file required information returns. Here are a few tax forms that are eligible for an 8809 extension:
IRS Form 1099 and W-2s
A couple of information returns are due earlier this upcoming year than usual. Those of you who need to e-file Form 1099-MISC with Box 7 completed or W-2 forms with the IRS have until January 31. All other 1099 forms are still due by March 31. You can e-file 1099s and W-2s quickly and easily with ExpressIRSForms.com.
Important: The IRS no longer allows automatic extensions for W-2 forms. To receive extra filing time, you must submit a paper Form 8809 to the IRS before the January 31 deadline.
Affordable Care Act (ACA Forms)
While there may be confusion about the future of ACA reporting, one thing is for certain - the IRS still requires applicable large employers and third-party administrators to file 1094 and 1095 forms for the 2016 tax year.
If you plan on submitting them electronically, the deadline is March 31. E-file your ACA forms with ease through the complete service of our sister site, ACAWise.com - exclusive features include API integration, various data format import, ACA code and TIN verification, corrections and re-filing, and postal mailing to recipients.
Form 1042-S and 5498
IRS Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, is due by March 15 and Form 5498, IRA Contribution Information, is due by May 31. Your 8809 must be submitted by these deadlines to receive an extension.
Failing to file IRS Form 8809, or any of the information returns, on time leads to the following penalties:
- $30 per information return that is less than 30 days late with a maximum fee of $250,000 annually or $75,000 for small businesses
- $60 per information return that is within 30 to 120 days late with a maximum fee of $ 500,000 annually or $200,000 for small businesses
- $120 per information return that is over 120 days late with a maximum fee of $1,500,000 annually or $500,000 for small businesses
The holidays are just around the corner with a new tax season following close behind. Get your tax extension automatically approved for applicable returns with ExpressExtension.com. Our U.S. - based support team in Rock Hill, South Carolina is standing by - contact us with any questions at 803.514.5155, Monday through Friday from 9 a.m. to 6 p.m EST or send an email to support@ExpressExtension.com.