New 6-Month Extension to File Tax Returns

The IRS has issued final, temporary and proposed regulations pertaining to the simplification of procedures for obtaining automatic extensions oftime for filing certain returns.

The regulations:
  • (1) extend from four months to six months the period for which individuals may obtain anautomatic extension of time;
  • (2) extend from three months to six months the period for which partnerships, real estate mortgage investment conduits (REMICs) and certain trusts may obtain an automatic extension of time;
  • (3) provide an automatic six-month extension of time to taxpayers that previously were required to file Form 2758, Application for Extension of Time to File Certain Excise, Income, Information, and Other Returns, in order to apply for extensions of time; and
  • (4) transform current Form 7004, Application for Automatic Extension of Time to File Corporation Income Tax Return, which is used by corporations to obtain an automatic six-month extension of time, into new Form 7004, Application for Automatic 6-Month Extension of Time to File Certain Business Income Tax,Information, and Other Returns, which will apply to a larger number ofreturns than the prior form;
  • (5) provide automatic six-month extensions of time to file Form 709 gift tax returns; and
  • (6) simplify the procedures for obtaining automatic two-and-one-half-month extensions of time to file certain employee plan returns.

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