We recommend that preparers transmit electronic files to Thomson Reuters at least one hour before the filing deadline. The time zone is based on the location of the preparer and the e-file is time-stamped with the time it is received by Thomson Reuters. Refer to the IRS Modernized e-File (MeF) status page for maintenance down times.Īll deadlines are 11:59:59 pm local time. The Modernized e-File (MeF) System is available daily, except during maintenance and down times. For filing deadlines and other information related to 1120 electronic filing, refer to IRS Publication 4163, Modernized e-File (MeF) Information for Authorized IRS e-file Providers for Business Returns. If you need help filing your state or federal taxes, there are plenty of good tax-preparation services to choose from - or you can always file your taxes for free.This topic provides electronic filing opening day information and information about relevant due dates for 1120 returns. The rules vary from state to state, so you'll need to check with your state tax agency to learn about your specific options for an extension. Can I file for an extension for my state tax return? But pretty much the same rules apply as with an individual the business still needs to pay its estimated taxes by May 17 but can wait until Oct. According to the IRS, businesses can file Form 7004 to request a deferral until May 17. And there is a "failure-to-file" penalty as well.īut the IRS may waive the penalty if you can show "reasonable cause for the failure to pay on time." Can I request an extension for my business? (Here's what you need to know about estimating your tax bill.) According to the IRS, the late payment penalty is "0.5% of the tax owed after the due date, for each month or part of a month the tax remains unpaid, up to 25%." That's just to start if you fail to pay for an extended amount of time, the fines increase. 15 the deadline for your tax paperwork this year.īut here's a big, hairy note of caution: Even if you're approved for the extension, you still have to pay your estimated taxes by May 17 in order to avoid penalties. If approved, you'll get an extra five months, making Oct. If you need more time to prepare your tax return, you can request an extension from the IRS using Form 4868. There's an important distinction between filing late and paying late. Read more: When will you get your tax refund? Possible dates and how to track it What happens if I miss the deadline? The agency began accepting returns on Feb. Most refunds are issued within three weeks - though this year, with the IRS still working through a backlog of stimulus payments, it might take longer. And the sooner you file, the faster you will get your refund - if one is owed. Read more: Best tax software Can I file my income taxes sooner than May 17? We've got all of the details about how to do that below. Though the deadline to file your 2020 taxes is May 17, you can ask for even more time by filing for an extension with the IRS.
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