IRS Announces Some Relief for Companies Hit by Winter Storms

Battered by two nor’easters in one week, certain companies in the Northeast and Mid-Atlantic can file for tax extensions.

The IRS announced on Tuesday that it is granting five extra days to certain partnerships and S corporations, whose returns are due March 15, to request automatic six-month extensions.

The extension to March 20 applies to business taxpayers affected by the two recent winter storms, Quinn and Skylar, that primarily hit the Northeast and Mid-Atlantic United States.

S Corporations that file Form 1120S, and Partnerships (and LLC’s) that file Form 1065, are primarily those affected. C Corporations that file Form 1120 are not affected as those Returns are not due until April 15, 2018.

If you want to take advantage of this relief you should file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, by March 20.

Be sure to mark your copy of the extension request “Winter Storm Quinn” or “Winter Storm Skylar.” As always, the IRS emphasizes that it is easiest to requests extensions of time electronically, although the IRS did not explain how to write the winter storm information on an electronic request.

The IRS said it will monitor conditions to determine whether any other filing or other relief is needed.

Mitch Reitman, an SSI Industry Hall of Famer and Editorial Advisory Board member, is managing principal of Reitman Consulting Group in Fort Worth, Texas. He can be reached at (817) 698-9999.

If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!

Tagged with: Taxes Business News

Security Is Our Business, Too

For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add sales to your bottom line.

A free subscription to the #1 resource for the residential and commercial security industry will prove to be invaluable. Subscribe today!

Subscribe Today!

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Our Newsletters