Revised Extension Form
IRS has posted a new draft of the revised Form 7004 for business tax returns.
The biggest change is the inclusion of both a five month and a six month extension to reflect the new shorter time that will be allowed for some 2008 tax returns, including partnerships (1065) and trusts (1041).
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Filing Extensions Changing for Some Business Taxpayers Later this Year – Supposedly to give a longer time between the extended due dates for some types of K-1 pass-through entities and the related 1040s, the automatic extensions for 1065s and 1041s will only be for five months for those entities with a tax year ending after 9/30/08. For calendar year returns, this moves the extended due dates up to September 15, giving a full month before the October 15 extended due dates for 1040s.
Since S corps have an original due date of March 15, the current six month automatic extension already puts those returns due by September 15; so no change is required for S corps.