Current Extensions

Most people know that the extensions (Form 4868) they filed for their 2001 1040s expire on August 15, 2002. If you need more time, just send in Form 2688 by 8/15/02 and IRS will give you two more months (until October 15, 2002).

What often sneaks up undetected is the deadline for partnership, LLC, trust & fiduciary tax returns (Forms 1065 & 1041). The first extensions which were filed back before April 15 for these types of returns were only for three months. That means they will expire on July 15, 2002. Not to worry. IRS has forms to allow another three months of time (until October 15). Why the geniuses at IRS don't make all extensions consistent (four months for the first and two months for the second) is a mystery.

If you need three more months for your 2001 partnership, LLC, or trust tax return, file Form 8800 with IRS by July 15.
If you need three more months for your estate fiduciary tax return (Form 1041), file Form 2758 with IRS by July 15.

2000 Tax Returns
Due to several personal emergencies, as well as computer virus & other problems, I am still behind in finishing off a number of 2000 income tax returns. I am trying my best to get them out ASAP. As I explained earlier, because of the current war, these aren't officially delinquent until after October 15, 2002.

As always with the IRS, their right hand doesn't know what their left hand is doing and they have been sending out erroneous late notices for 2000 tax returns. Those can safely be ignored.

KMK
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 7/03/2002 04:01:00 PM Send this post: