Dictionary of Business Terms: automatic extension
automatic extension
granting of more time for a taxpayer to file a tax return. By filing an IRS Form 4868 (Form 7004 for corporations) by the original due date of the tax return, a taxpayer can automatically extend his or her filing date by six months, although the tax payment (based on the taxpayer's best estimate) is still due on the original filing date.
Dictionary of Finance and Investment Terms: automatic extension
automatic extension
granting of more time for a taxpayer to file a tax return. By filing an IRS Form 4868 by the original due date of the tax return, a taxpayer can automatically extend his or her filing date by four months, though the tax payment (based on the taxpayer's best estimate) is still due on the original filing date.
