Taxpayers will be able to request an automatic, six-month tax-filing extension for most common individual and business returns under regulations released recently by the Treasury Department and the Internal Revenue Service.
The new regulations provide streamlined and simplified procedures that are expected to save taxpayers between $73 million and $94 million annually, by eliminating or consolidating several existing IRS forms.
As a result, beginning Jan. 1, 2006, most individuals and businesses will be able to request a full six-month tax-filing extension, without a reason or even a signature. The new procedures will replace the existing two-step process under which noncorporate taxpayers could only get a six-month extension by first obtaining an extension, usually automatic, for part of that period and then requesting a discretionary extension for the remainder.
A tax-filing extension does not, however, extend the tax-payment deadline.
"Some taxpayers need a full six months for extensions as the law provides. This change simplifies the process so they can make the request just once, not twice,” announced IRS Commissioner Mark W. Everson.
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