- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I am trying to file an extension for 2019 S-Corp return in Pro Series but I keep getting error for filing 7004 form and it keep saying that deadline is 3/16/20. I understand that was the original deadline to file or file an extension. However, I understand that all deadlines has been extended to July 15 or June 15 for Corporate return. Can someone please let me know if there way to do this in 2019 Pro Series without error? Thank you for your help and answers to this
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Returns with a due date after 3/31 got auto extended to 7/15....an SCorp extension would have been filed prior to 3./15.
Im not sure there is a way to file an SCorp extension late like that....
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You're late. March 15 deadlines didnt get extended to July 15.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
This is from IRS.gov:
Forms with a Deadline of July 15, 2020 for:
Form 1065, U.S. Return of Partnership Income
Form 1120, U.S. Corporation Income Tax Return
Form 1120-C, U.S. Income Tax Return for Cooperative Associations
Form 1120-F, U.S. Income Tax Return of a Foreign Corporation
Form 1120-FSC, U.S. Income Tax Return of a Foreign Sales Corporation
Form 1120-H, U.S. Income Tax Return for Homeowners Associations
Form 1120-L, U.S. Life Insurance Company Income Tax Return
Form 1120-ND, Return for Nuclear Decommissioning Funds and Certain Related Persons
Form 1120-PC, U.S. Property and Casualty Insurance Company Income Tax Return
Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations
Form 1120-REIT, U.S. Income Tax Return for Real Estate Investment Trusts
Form 1120-RIC, U.S. Income Tax Return for Regulated Investment Companies
Form 1120-S, U.S. Income Tax Return for an S Corporation
Form 1120-SF, U.S. Income Tax Return for Settlement Funds (Under Section 4688)
Form 8804, Annual Return for Partnership Withholding Tax (Section 1446)
Form 8805, Foreign Partner's Information Statement of Section 1446 Withholding Tax
So, it looks like 1120-S WAS included in the new deadline. So now what? Why can't it be extended to September 15th?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If they had a due date of April 1st or later they were extended to July 15th...a calendar year partnership or Scorp return with a March 15th due date wouldn't count.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
There is confusion regarding the wording in Notice 2020-23(?) and the list of affected returns they put below it in the notice.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"IR-2020-66, April 9, 2020
WASHINGTON — To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 (PDF) extends additional key tax deadlines for individuals and businesses.
Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due.
Today’s notice expands this relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extra time. This means that anyone, including Americans who live and work abroad, can now wait until July 15 to file their 2019 federal income tax return and pay any tax due."
The window opened April 1. Before that, you were supposed to stay on schedule as usual.
Don't yell at us; we're volunteers
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I just read through the Notice and it is in there that those with deadlines after April 1 are included in the postponed deadline. I feel that including the 1120-S in the list of those with the new deadline is very misleading. Also, I read notices every day about changes related to Coronavirus and I have never seen anything explaining or emphasizing that an extension from the July 15th deadline would not be allowed. I can only hope that the IRS will not impose penalties on the late filings because of the confusion this has caused.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
That is what really gets me. The due date for those extensions was BEFORE the law was enacted. Yet, the people acting this question, for some reason, just flat failed to file an extension. The notice everyone keeps referring to (Notice 2020-23) is confusing, BUT NOT if you pay attention to what the definition of an Affected Taxpayer is. Those with returns due between April 1 and July 15.
Also, the IRS has a FAQ on this very subject which specifically says NO to the 1065 and 1120-S filers that were due 3/16/20. The FAQ also specifically states that it has been updated to account for Notice 2020-23.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I would argue reasonable cause due to the conflicting language in Notice 2020-23. Don't know if it will work.
Meanwhile you could mail that extension.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"Meanwhile you could mail that extension"
It's easier to ask for forgiveness than it is to get permission.
- Admiral Grace Hopper, the inventor of the COBOL computer coding language
Don't yell at us; we're volunteers
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you for the lecture. I have been sufficiently admonished.