TRAP- The IRS can VOID your extension! If the IRS determines the taxpayer’s estimate was not reasonable the filed extension will be voided (as if the extension was never filed). Beware of Trap! Remember, an extension is an extension of time to file your tax return, not to pay the tax! Therefore taxpayers need to estimate the amount of tax that will be owed and submit payment along with the extension. Important: the taxpayer must select “Extension” for purposes of receiving an automatic 6-month extension to file. In order for a taxpayer to be granted the extension, the taxpayer must indicate the reason for payment is an extension. Individual taxpayers will be granted a 6-month extension of time to file by making an extension payment online using IRS Direct Pay. Taxpayers without access to tax software may find this form on the IRS website by searching “4868” or “Extension.” Form 4868 may be filed both electronically or physically by mailing the form to the IRS (use the address indicated per the instructions).Ģ-MAKE A PAYMENT. This form is easily generated using any tax preparation software. This is an all too common occurrence for partners and shareholders in flow-thru entities like LLCs, Partnerships, and S-Corporations who receive their K-1 after April 15 th Two Ways to Receive an Automatic 6 Month Extension of Time to Fileġ-File Form 4868 Application for Automatic Extension of Time.
Extensions are generally needed when information necessary to file a complete and accurate tax return is not available until after the filing deadline. It is important for taxpayers to understand that a tax return extension is an extension of time to file your income tax return and not an extension of time to pay the tax.
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