Monday, August 08, 2005

If approved, there will be more time for Individual Filers next year

New Form 4868 Provides Six-Month Filing Extension-IF APPROVED
We will keep you posted on its passage.

— The Internal Revenue Service released a draft of the revised IRS Form 4868, which if approved will give individual taxpayers a six-month extension without the need to file an intervening form.

Provided the necessary regulations are approved, taxpayers will be able to use the revised form for Tax Year 2005.
For Tax Year 2004, a taxpayer filing a Form 4868 had until August 15 to file the return. The taxpayer needed to file Form 2688 to get an additional two months and had to supply a reason for needing the additional time.