Q-1:

Subject: Extension dates

I should probably try to send in all our own extensions for 2005 to keep from asking you folks to do more and more for us.  But I will have to ask you or Kerry to send me a list of due dates for both personal and corporate ones to be sure I get them in on time. I didn't find them on taxguru.org when I searched there.

A-1:

Corporate income tax returns (both C & S) or extensions are due two and a half months after the end of the corp's tax year.  For calendar years, which all S corps must use, this means the extension is due March 15.

The corp extension is Form 7004 and gives an automatic six months.  If you do want to do it yourself, you can download the form from IRS.

 It should be mailed to the same IRS service center as shown on the instruction cover letter that was with your previous year's tax return.

Good luck.  I hope this helps.

Kerry

Q-2:

Kerry,

Yes, the info you sent on extension due dates helps a bunch.

Does the IRS see any difference between extensions filed by individual or corporate taxpayers themselves and extensions filed on behalf of the taxpayer by their tax preparer? 

It "seems" like extensions filed by a professional tax preparer might carry more weight with them somehow? But this might be a misperception or really a completely non-issue with them.

Thanks for your insight.

A-2:

I have never heard of or noticed any difference in IRS attitude between when people send in their own self-prepared extensions or if it's done by a tax pro.  Extension forms are just entered into the IRS computer and aren't really scrutinized very closely by IRS. 

While it may sound self serving, that is definitely not the case with actual tax returns.  Because they are so complicated, IRS does look more closely at self prepared returns, especially those done by hand, because there is a much higher probability of an error than with a tax pro's computer prepared return. 

Kerry

Follow-Up:

Kerry,

Thanks for your views on self-filed extensions being okay. I definitely understand the need to have YOU do our actual returns– especially since we have set-up a corporation.

I feel sure I can follow your directions to file our extensions for 2005 and will send you a copy of each. 

 

 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 3/07/2006 06:03:00 PM Send this post: