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 QUIZ

How well do you know small business?

There are over 30 million small businesses in the U.S., and many of them are optimistic in their outlook. Are you familiar with the obstacles and opportunities they are facing? Test your small business acumen with this quiz sponsored by Chase Ink®.

SPONSORED REPORT

In focus: Payroll

Providing payroll services that comply with ever-changing regulations and meet evolving employee and employer demands is no easy task. Paychex's Tom Hammond discusses common payroll considerations for CPA firms.