Taxpayers affected by winter storm get more time to file business return extensions

By Sally P. Schreiber, J.D.

The IRS is permitting “eligible taxpayers,” meaning businesses affected by Winter Storm Stella, a few more days to request a six-month extension of time to file their 2016 federal income tax returns if they were unable to file by today’s due date. However, while the IRS says that it is providing this relief “to victims and tax professionals affected by this week’s storm . . . that hit portions of the Northeast and Mid-Atlantic,” it has not yet said who specifically is eligible for the relief. 

Requests to extend the time to file Forms 1120S, U.S. Income Tax Return for an S Corporation, and Forms 1065, U.S. Return of Partnership Income, were due March 15. Business taxpayers who are unable to file now have until March 20 to file them. (Calendar-year C corporation returns, Form 1120, U.S. Corporation Income Tax Return, are not due until April 15.)  

Taxpayers who file their Forms 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, by paper should write “Winter Storm Stella” on the form.

The IRS says it will monitor conditions and see if more relief is needed.

--Sally P. Schreiber (Sally.Schreiber@aicpa-cima.com) is a JofA senior editor.    

SPONSORED REPORT

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: IRS enforcement, a hot job, and audit value

The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.