I have noticed a lot of confusion among clients as to the expiration dates of the extensions we filed in April for 2004 tax returns.  The extension (4868) for the individual income tax return (1040) doesn’t expire until August 15, at which time Form 2688 can be filed to request two more months time.

It is different for pass-through entities, such as partnerships (1065) and trusts (1041).  In some twisted kind of government logic, even though these tax returns usually have their figures end up on 1040s, the first extensions that were filed in April (8736) only last for three months, expiring on July 15.  Another three months time can be obtained by filing two copies of Form 8800 with IRS by July 15.  The approved copy is then supposed to be sent back to you or your designated preparer.  This extends the due date to October 17.  The 15th is a Saturday.  I just finished preparing about 20 of them last night, which Sherry is now taking to the post office.   

Extensions for one kind of pass-through entity, S corporations (1120S), don’t expire on July 15.  The 7004 was due in by March 15 and was good for six months, just as it is for regular C corporations (1120), setting the due date as September 15.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 7/14/2005 12:25:00 PM Send this post: