Due to this winter's series of severe winter storms, the Internal Revenue Service has extended the deadline for small businesses to seek extensions.
Taxpayers who were unable to file their business tax returns can request an automatic extension by filing Form 7004, a one-page form on or before March 20.
Prior to this IRS decision, businesses that were without power this month would have been penalized for filing for this extension after March 15. Form 7004 provides a six-month extension for returns filed by partnerships (Forms 1065 and 1065B) and S corporations (Forms 1120S).
A link to Form 7004 can be found by clicking here:
Eligible taxpayers taking advantage of this relief should write “Winter Storm Quinn” or “Winter Storm Skylar, on their Form 7004 extension request. The fastest and easiest way to get an extension is to file this form electronically.
“The last thing Hudson Valley small business owners should have to worry about is their income tax deadline. I am relieved that the IRS heeded my calls to extend the deadline to those affected by winter storms Riley and Quinn,” said U.S. Sen. Charles Schumer. “Hudson Valley residents deserve the peace of mind of knowing that no matter the disaster the federal government will help them with their recovery. It’s the federal government’s responsibility to step up to the plate, as they’ve done time and time again, to help New York’s communities rebuild.”
State Sen. Terrence Murphy of Yorktown said, "This was one of the worst series of weather events, and one of the worst power outages, in recent memory. Residents and businesses were left without power for days. Granting this delay will help many people who are still getting back on their feet without the worry of penalties and fees for missing this week's deadlines."
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