Small Business Taxes & ManagementTM--Copyright 2018, A/N Group, Inc.
The IRS has granted (IR-2018-50) many businesses affected by severe winter storms additional time to request a six-month extension to file their 2017 federal income tax returns.
The IRS is providing this relief to victims and tax professionals affected by last week’s storm--known as Winter Storm Quinn—and this week’s storm-–known as Winter Storm Skylar--that primarily hit portions of the Northeast and Mid-Atlantic.
Business taxpayers who are unable to file their return by the regular due date—Thursday, March 15, 2018--can request an automatic extension by filing Form 7004, on or before Tuesday, March 20, 2018. Form 7004, available on IRS.gov, provides a six-month extension for returns filed by partnerships (Forms 1065 and 1065-B) and S corporations (Form 1120S).
Eligible taxpayers taking advantage of this relief should write, “Winter Storm Quinn” or “Winter Storm Skylar,” on their Form 7004 extension request (if filing this form on paper). As always, the fastest and easiest way to get an extension is to file this form electronically.
The IRS will continue to monitor conditions and provide additional relief if circumstances warrant.
Note. While the above refers specifically to federal business returns, it's likely at least some of the affected states will follow suit. Keep in mind that the above relief is limited to business returns to be filed on March 15th. It does not provide relief for payment of employment taxes (monthly deposits are due on the 15th) or other tax filings. However, it would not be unusual for the IRS to provide such relief under the circumstances.
Copyright 2018 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete summary of all materials on the subject. Copyright is not claimed on material from U.S. Government sources.--ISSN 1089-1536
--Last Update 03/13/18