Latest news with #Form7004
Miami Herald
23-05-2025
- Business
- Miami Herald
IRS Issues Tax Deadline Reminder To Millions
The Internal Revenue Service (IRS) has issued a reminder to millions of U.S. taxpayers living and working abroad to file their 2024 federal income tax returns and pay any taxes due by June 16. The extension applies to U.S. citizens and resident aliens outside the country, including dual citizens, offering them a two-month grace period after the regular April 15 deadline. All U.S. taxpayers, regardless of where they live, must report worldwide income to the IRS. That includes wages, interest, dividends and income from foreign sources. Accurate and timely filing is required to avoid interest, penalties, and the risk of missing out on available tax credits such as the foreign earned income exclusion. U.S. citizens or resident aliens whose residence and main place of business or post of duty is outside the U.S. and Puerto Rico, as well as members of the military on duty abroad, qualify for the automatic two-month extension-shifting their filing deadline from April 15 to June 16, 2025. Taxpayers unable to file by June 16 can request an additional extension to October 15, 2025. This extension is limited to filing-not to payment. Interest will accrue on any unpaid taxes starting from April 15, 2025. Electronic extension requests can be submitted through IRS systems, and Form 4868 is available for those unable to file online. Businesses should use Form 7004 for extensions, and can get a six-month extension. The fastest payment options include IRS Online Account, IRS Direct Pay, and the Electronic Federal Tax Payment System (EFTPS). U.S. taxpayers without a domestic bank account can transfer payments directly to the IRS. Debit and credit cards, as well as digital wallets, are also accepted and may include service fees. Individuals affected by the ongoing conflict in Israel, or with residences or businesses in Israel, Gaza, or the West Bank, have their federal filing and payment deadline extended to September 30, 2025. Military personnel on duty in combat zones may also qualify for automatic extensions. Taxpayers with foreign financial accounts holding more than $10,000 at any point during 2024 must submit Form 114 (FBAR) electronically to the Treasury Department's Financial Crimes Enforcement Network. The initial deadline was April 15, 2025, with an automatic extension to October 15, 2025, for those who missed the first date. Jay A. Soled,professor and chair of the Department of Accounting and Information Systems at Rutgers Business School, New Jersey,previously told Newsweek: "Even with the tax-filing extension, interest will apply to any 2024 tax payments received after April 15. This means that unpaid tax-year 2024 tax balances will begin accruing interest, currently at the rate of seven percent per year, compounded daily, after April 15, 2025." Commenting on why individuals working and living abroad have a two-month filing extension, Soled said it was "undoubtedly a relic of a bygone era when it was difficult for those living overseas to receive third-party information returns." He added that "in light of current technological developments, Congress would be wise to eliminate this exception." Richard D. Pomp, professor of law at the UConn Law School, Connecticut,previously told Newsweek, while discussing why individuals working and living abroad have a two-month filing extension: "The extension is a very old rule that predates the digital economy. Correspondence in those early days took place by mail and the time it took for mail to go back and forth across the ocean could lead to delays that taxpayers living in the country did not experience. In the digital economy, things are far more efficient and the rule is probably unduly generous." He added: "We are currently living through a total state of chaos at the IRS. Whenever possible, taxpayers abroad should file electronically and verify with screen shots and saved files, and copies of all documentation. U.S. taxpayers abroad have until June 16, 2025, to file their returns and pay taxes due for 2024, with eligible individuals able to seek additional extensions or payment arrangements if they are unable to meet this deadline. Taxpayers affected by the Israel-Hamas conflict or stationed in combat zones should review specific guidance and utilize all available IRS resources for support. Related Articles Trump Admin Gets a Win as Judge Allows IRS to Share Tax Data With ICEHunter Biden Drops Lawsuit Against IRS Employees: 'Afraid to Fight'IRS Issues Advice As Natural Disaster Season ApproachesIRS Issues Guidance For Those Facing May 15 Tax Deadline 2025 NEWSWEEK DIGITAL LLC.
Newsweek
23-05-2025
- Business
- Newsweek
IRS Issues Tax Deadline Reminder To Millions
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Internal Revenue Service (IRS) has issued a reminder to millions of U.S. taxpayers living and working abroad to file their 2024 federal income tax returns and pay any taxes due by June 16. The extension applies to U.S. citizens and resident aliens outside the country, including dual citizens, offering them a two-month grace period after the regular April 15 deadline. Why It Matters All U.S. taxpayers, regardless of where they live, must report worldwide income to the IRS. That includes wages, interest, dividends and income from foreign sources. Accurate and timely filing is required to avoid interest, penalties, and the risk of missing out on available tax credits such as the foreign earned income exclusion. File photo: the Internal Revenue Service Headquarters (IRS) building is seen in Washington. File photo: the Internal Revenue Service Headquarters (IRS) building is seen in Washington. J. David Ake/AP What To Know U.S. citizens or resident aliens whose residence and main place of business or post of duty is outside the U.S. and Puerto Rico, as well as members of the military on duty abroad, qualify for the automatic two-month extension—shifting their filing deadline from April 15 to June 16, 2025. Taxpayers unable to file by June 16 can request an additional extension to October 15, 2025. This extension is limited to filing—not to payment. Interest will accrue on any unpaid taxes starting from April 15, 2025. Electronic extension requests can be submitted through IRS systems, and Form 4868 is available for those unable to file online. Businesses should use Form 7004 for extensions, and can get a six-month extension. The fastest payment options include IRS Online Account, IRS Direct Pay, and the Electronic Federal Tax Payment System (EFTPS). U.S. taxpayers without a domestic bank account can transfer payments directly to the IRS. Debit and credit cards, as well as digital wallets, are also accepted and may include service fees. Individuals affected by the ongoing conflict in Israel, or with residences or businesses in Israel, Gaza, or the West Bank, have their federal filing and payment deadline extended to September 30, 2025. Military personnel on duty in combat zones may also qualify for automatic extensions. Taxpayers with foreign financial accounts holding more than $10,000 at any point during 2024 must submit Form 114 (FBAR) electronically to the Treasury Department's Financial Crimes Enforcement Network. The initial deadline was April 15, 2025, with an automatic extension to October 15, 2025, for those who missed the first date. What People Are Saying Jay A. Soled, professor and chair of the Department of Accounting and Information Systems at Rutgers Business School, New Jersey, previously told Newsweek: "Even with the tax-filing extension, interest will apply to any 2024 tax payments received after April 15. This means that unpaid tax-year 2024 tax balances will begin accruing interest, currently at the rate of seven percent per year, compounded daily, after April 15, 2025." Commenting on why individuals working and living abroad have a two-month filing extension, Soled said it was "undoubtedly a relic of a bygone era when it was difficult for those living overseas to receive third-party information returns." He added that "in light of current technological developments, Congress would be wise to eliminate this exception." Richard D. Pomp, professor of law at the UConn Law School, Connecticut, previously told Newsweek, while discussing why individuals working and living abroad have a two-month filing extension: "The extension is a very old rule that predates the digital economy. Correspondence in those early days took place by mail and the time it took for mail to go back and forth across the ocean could lead to delays that taxpayers living in the country did not experience. In the digital economy, things are far more efficient and the rule is probably unduly generous." He added: "We are currently living through a total state of chaos at the IRS. Whenever possible, taxpayers abroad should file electronically and verify with screen shots and saved files, and copies of all documentation. What Happens Next U.S. taxpayers abroad have until June 16, 2025, to file their returns and pay taxes due for 2024, with eligible individuals able to seek additional extensions or payment arrangements if they are unable to meet this deadline. Taxpayers affected by the Israel-Hamas conflict or stationed in combat zones should review specific guidance and utilize all available IRS resources for support.
Associated Press
17-03-2025
- Business
- Associated Press
Tax Deadline Alert: Forms 1065 & 1120-S Due Today. File Form 7004 With ExpressExtension To Get More Time
March 17, 2025, is a key tax deadline for businesses, but they can request an extension of time using Form 7004 through ExpressExtension, a secure and easy e-filing service. ROCK HILL, SC / ACCESS Newswire / March 17, 2025 / Today, March 17, 2025, is another important day in the tax filing season, bringing a critical filing deadline for most forms, including Form 1120-S, 1065, 1042, and more. Failure to meet this deadline can result in severe IRS penalties and compliance issues. Businesses and withholding agents needing to extend their filing deadlines can request an extension using Form 7004. Filing an extension gives additional time to file their original tax return. ExpressExtension, an IRS-authorized and SOC2-certified e-file service provider, delivers an effective solution to simplify the extension request process. With a user-friendly platform featuring time-saving features and world-class customer support, ExpressExtension simplifies the process. Who Must Meet This March 17 Deadline? Federal guidelines require specific business entities to submit their tax forms by this date. These businesses include but are not limited to: For businesses needing more time to file their tax returns, requesting an extension is an option. By filing Form 7004, businesses can automatically extend their filing deadline by up to six months, providing the extra time needed to accurately prepare and submit their original returns. However, it's important to note that while the filing deadline is extended, the IRS does not extend the deadline for tax payments. Businesses must pay any taxes owed by the original due date to avoid interest and penalties. State Tax Deadlines In addition to federal filing deadlines, many state deadlines also fall on March 17, 2025. Businesses are encouraged to verify their state filing requirements and deadlines to ensure full compliance with both federal and state tax regulations. The following states that have business tax deadlines today: ExpressExtension: A Trusted E-Filing Solution for Instant Extension Approval As an IRS-authorized 7004 e-file provider, ExpressExtension simplifies the extension request process with a secure, efficient, and user-friendly platform. Businesses can quickly submit Form 7004 for an extension, with advanced features that ensure accuracy and compliance with IRS regulations. ExpressGuarantee: Get Approved, Whatever It Takes ExpressExtension offers ExpressGuarantee, designed to provide peace of mind for businesses. If the IRS rejects Form 7004 due to a duplication error, ExpressExtension guarantees a full refund of the filing fee. If the IRS rejects the filing due to other errors, businesses can correct the information and resubmit it at no additional cost. Exclusive PRO Features for Tax Professionals and High-Volume Filers Bulk Filing Capabilities: Tax professionals and accounting firms can file large volumes of extensions simultaneously, streamlining the process. Flexible Data Import Options: Customizable Excel/CSV templates are available for precise tax data uploads. Centralized Client Management Dashboard: A dedicated dashboard allows tax professionals to efficiently manage an unlimited number of clients in an organized manner. Businesses can extend their tax filing deadlines by using a reliable e-filing service like ExpressExtension. For more information, businesses are encouraged to visit About ExpressExtension ExpressExtension is the one-stop solution for IRS Tax Extensions. As an IRS-authorized, SOC 2 Certified e-file provider, ExpressExtension has been helping businesses, individuals, and non-profit organizations obtain IRS extensions. Supported forms include Form 7004, 4868, 8868, and 8809. About SPAN Enterprises Headquartered in Rock Hill, South Carolina, SPAN has been developing industry-leading software tools for e-filing and business management tools for over a decade. The SPAN Enterprises Portfolio of products includes TaxBandits, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics. [email protected].
Associated Press
13-02-2025
- Business
- Associated Press
Key Business Tax Deadlines Approaching: ExpressExtension Helps Tax Professionals File Extensions with Ease
With March 17 tax deadlines approaching, ExpressExtension offers a secure IRS-authorized solution for filing business tax extensions with Forms 7004, 4868, 8868, and 8809. ROCK HILL, SC / ACCESS Newswire / February 13, 2025 / With the January 31 deadline for Forms 1099 and W-2 behind them, tax professionals now turn their attention to the next set of critical business tax deadlines. Among the most significant are Form 1120-S, Form 1065, 1042, and 1042-S, all due on March 17, 2025. For businesses and tax professionals who need more time to prepare returns, the IRS allows an extension request using Form 7004, postponing the filing deadline. However, this extension applies only to the return itself - any taxes owed must still be paid by the original deadline. ExpressExtension, an IRS-authorized e-file provider, simplifies the extension filing process, providing a secure and efficient solution for businesses and tax professionals. ExpressExtension - A Comprehensive Solution for Tax Extension Filing ExpressExtension supports the following tax extension forms for the 2024 tax year. Form 7004 This form is used to request a 6-month automatic extension for business tax returns, including Form 1120-S (S corporations) & Form 1065 (partnerships). With a deadline coming up for S corporations and partnerships on March 17, 2025, tax professionals can file Form 7004 to extend the filing deadline to September 15, 2025. Form 4868 Filing Form 4868 provides an automatic extension for individual income tax returns, including Form 1040 & 1040-NR. Individuals can extend their federal filing deadline from April 15 to October 15, giving them additional time to prepare and submit their returns. Form 8809 This form is used to request an extension for filing information returns, including Form 1099-series, W-2, 1042-S, and 5498. Filing 8809 grants an automatic 30-day extension for reporting payments made to foreign individuals and entities. Form 8868 Form 8868 grants an extension for tax-exempt organizations filing 990 series returns, including Form 990, 990-EZ, and 990-PF. Filing 8868 allows nonprofits and tax-exempt organizations more time to gather the required financial information before filing. PRO Features Tailored Exclusively for Tax Professionals ExpressExtension offers exclusive features designed specifically for tax professionals, making the extension filing process simpler and more efficient. Intuitive Dashboard for Seamless Management The ExpressExtension dashboard provides a centralized hub for tax professionals to efficiently manage extensions, track filing statuses, and access past filings. With real-time updates and a user-friendly interface, tax professionals can stay organized and ensure every extension request is processed accurately. Secure Bulk Upload Options ExpressExtension offers a quick and efficient way to add client business details manually or add all the required clients at once with the provided bulk upload templates. ExpressExtension offers the Express Guarantee for Forms 7004 and 4868. Under this guarantee, clients can receive a full refund of the payment if the IRS rejects these forms due to duplicate filing. If the extension forms are rejected for other reasons, tax pros can fix errors and retransmit the returns at no additional cost. Volume-Based Pricing Tax professionals can choose to pay per extension or purchase credits in advance at discounted volume-based rates. World-Class Customer Support ExpressExtension provides reliable customer support via phone, email, and live chat, ensuring tax professionals receive assistance whenever needed. AI Assistance At Every Step ExpressExtension's AI-powered chatbot provides instant answers to common questions, guiding tax professionals through the extension filing process. Visit and start e-filing Form 7004, 4868, 8868, & 8809 at an affordable price. About ExpressExtension ExpressExtension is the one-stop solution for IRS Tax Extensions. As an IRS-authorized, SOC 2 Certified e-file provider, ExpressExtension has been helping businesses, tax professionals, individuals, and non-profit organizations obtain IRS extensions for over a decade. Supported forms include Form 7004, 4868, 8868, and 8809. About SPAN Enterprises Headquartered in Rock Hill, South Carolina, SPAN has been developing industry-leading software tools for e-filing and business management tools for over a decade. The SPAN Enterprises Portfolio of products includes TaxBandits, Tax 990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics. [email protected].
