time period for filing a tax return that is extended beyond the due date. The typical extension granted to companies is six months while for individuals it is four months. Partnerships, estates, and trusts usually get 60-day extensions. In no case can the extension be more than six months unless the taxpayeris overseas. The taxpayer must file an application requesting the extension by the due date of the return. Reasons for being unable to file on time must be given. Interest will be charged for deficient estimated tax payments.
additional period during which a tax return may be filed without penalty. Beginning with tax returns filed in 2006, an automatic six-month extension of time to file an individual tax return (Form 1040) is obtained by filing Form 4868 by April 15. The extension will give the taxpayer extra time to get paperwork to the IRS, but it does not extend the time to pay any tax due. The taxpayer will owe interest on any amounts not paid by the April deadline, plus a late payment penalty if less than 90% of the total tax has been paid by that date. Form 4868 may be obtained by phone (1-800-829-3676) or online at https://www.irs.gov/formspubs/index.html; tax software packages also include the form, as well as e-filing options. An extension of more than six months will not be granted if the taxpayer is in the United States. A corporation may obtain an automatic extension of six months for filing a return (Form 1120 or 1120S) by filing Form 7004 by the due date of the tax return.
