Your Guide To IRS Tax Extensions For Tax Year 2019

As the July 15, 2020 deadline approaches, you may be concerned about meeting the deadline to file your income taxes.

There have been so many changes in the past few months as the COVID-19 pandemic has changed more and more aspects of our lives. Our team hopes that you, your family, and your employees are staying safe as we navigate through these trying times and adjust to a new normal. 

As the July 15, 2020 deadline approaches, you may be concerned about meeting the deadline for your personal or business income taxes. Nonprofit organizations may be experiencing delays when it comes to completing their Form 990s. There is no need to stress, you still have the opportunity to extend your deadline for all of these tax returns. 

It is important to note that IRS extensions only apply to information returns, tax payments will still be due on the original deadline. In this case, that is July 15, 2020.

Depending on the type of organization you are filing for, here’s what you need to know.

Extensions For Corporations

If you are a domestic corporation, you are required to file the Form 1120 with the IRS. While the deadline usually falls on April 15, this year due to COVID-19, the deadline for filing has been moved forward to July 15, 2020.

This extended deadline may be enough additional time to complete your Form 1120. However, if you know that you would prefer additional time to file, filing an extension is still an option. Corporations will need to file a Form 7004. This extension form is designed specifically for business income tax returns.

Extensions For Individuals

If you are a sole proprietor or a single member LLC, you usually file tax information related to your business in your own personal income taxes each year. While you are usually required to file the Form 1040 on April 15, although as we mentioned before, this deadline has also been moved forward to July 15, 2020.

Again, there is a misconception that just because the IRS has provided an extended deadline, individuals can’t file an extension. This is not true, individuals are able to file an extension that will carry the deadline out further to October 15, 2020. 

The form needed to file an extension for your individual tax forms is the Form 4868. This form is designed to extend the deadline of individual tax returns. 

Extensions For Nonprofit Organizations

The IRS has also extended the deadline for tax exempt organizations. Tax exempt organizations must file their Form 990 tax returns on the 15th day of the 5th month following the end of their accounting year. Therefore, many organizations have a deadline that falls on May 15, 2020. 

The IRS has extended the deadline to July 15, 2020 for Form 990 filers that have a deadline falling in April, May, or June. While this additional time may be enough for some organizations, it is safe to assume that many will need some additional time beyond this to file. 

Tax exempt organizations are also free to file an extension as they see fit. To do so, organizations will need to file the Form 8868 to extend their IRS deadlines.

Contactless, Electronic Filing For Your Extension

So, need more time to file? As long as you file the correct extension form for your organization, the IRS has absolutely no problem with you filing an extension. To ensure that your form is accurately filed and makes it to the IRS, consider filing electronically.

 When you file any of these extension forms with ExpressExtension, you can file with confidence. Our interview-style filing process walks you through the process of filing by collecting the needed information. 

When you file electronically, you will get an instant update from the IRS confirming that your form has been received. If for any reason your form is rejected, our software allows you to correct and retransit at no additional cost to you.

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