Winter Storms Prompt IRS to Grant Relief to Businesses
It’s been a rough winter for residents of the Northeast: three severe winter storms in just two months. Fortunately, the IRS is helping to take a little of the bite out of the winter wind for those most affected.
Normally, businesses face a Thursday, March 15 deadline to file their returns or an extension. But because of the hardships brought on by Winter Storm Quinn and Winter Storm Skylar, business taxpayers and tax professionals who are unable to file by the deadline can request an automatic extension by filing Form 7004 on or before Tuesday, March 20.
Form 7004, available on the IRS website, provides a six-month filing extension for partnerships and S corporations.
Eligible taxpayers or preparers paper filing for the extension should write “Winter Storm Quinn,” or “Winter Storm Skylar” on their request. Filing the extension electronically, however, is still the fastest method.
The IRS says it is continuing to monitor the situation and may issue additional relief if needed.