Up-to-the-minute advice, information, resources, and, on occasion, commentary on federal and New Jersey state income taxes, and the various New Jersey property tax rebate programs, and insights and observations on tax policy and professional tax practice, by 40-year veteran tax professional Robert D Flach.
to pass along this information from the National Association of Tax
“Northeast and Mid-Atlantic Granted Extension
The IRS has granted businesses
affected by this week’s severe winter storm additional time to request a
six-month extension to file their 2016 federal income tax returns. The IRS is
providing this relief to victims and tax professionals affected by this week’s
storm (known as Winter Storm Stella) that hit portions of the Northeast and
Business taxpayers who are unable to
file their tax return by today’s due date (March 15, 2017) can request an
automatic extension by filing Form 7004 on or before March 20, 2017. Form 7004
provides a six-month extension for returns filed by partnerships (Forms 1065
and 1065B) and S corporations (Forms 1120S).
Eligible taxpayers taking advantage
of this relief should write “Winter Storm Stella” on their Form 7004 extension
request (if filing Form 7004 by paper).”
Tax Filing Season (February 1 through April 18) is now half over!
completed and put in the mail 116 sets of returns during the first half of the
season.Given I completed 229 returns
before calling it quits on April 17 last year I have done slightly more than
half that number already.And the 2nd
half actually has a little more work time (despite losing an hour this Saturday night) – since I will have less days “on the
the IRS has announced that actual returns filed are down from last year at this
time – that is certainly not the case with me.I
have only a handful of “red files” (need more info) and only a handful
of returns received in February to complete.And the “to be done” box is not as full as it usually is at this time.
payments are also slightly up from the same time last year.
So all is
going smoothly – and hopefully it will remain smooth and I can end the season
with a minimum amount of GD extensions!
I am ahead
of last year (in completing returns, but, unfortunately, not in fee
collections).I have completed 90 sets of returns during
the first month of the tax season - more than completed the same time last
year!Many of the returns I completed in
late March and early April last season have already been done.
either heard from, made arrangements with, or completed the returns of over
half of my client mailing list.
The “to be
done” box is not as full as it usually is this time of the season.And I have only 3 “red-files” (need more
I have been
“behind closed doors” Monday and Tuesday (and, of course, today, as it is
Wednesday), with the phone turned off.It has been wonderful, but I guess I will have to plug the phone back in
on Thursday morning.
been no problems to deal with, neither with computer and equipment issues, the
weather, or actual tax return issues.
the season continues to run smoothly – and I can end the season with minimal GD