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| Six-Month Automatic Extensions Available to Most Taxpayers in 2006 Taxpayers will be able to request an automatic, six-month tax-filing extension for most common individual and business returns under regulations released by the Treasury Department and the Internal Revenue Service. Beginning January 1, 2006, most individuals and businesses will be able to request a full six-month tax-filing extension, without a reason or even a signature. A tax-filing extension does not extend the tax-payment deadline. Beginning with 2005 returns due in 2006, individuals will be able to use a single IRS form (Form 4868) to get an automatic six-month extension of time to file. This will replace the existing two-step process under which an automatic extension was only allowed for four months, generally until August 15. If more time was needed, a taxpayer had to explain why, using a second extension request form (Form 2688). About 6% of individual taxpayers request the initial four-month extension, and about a third of those go on to request a second extension, usually for two months until October 15. Form 2688 will be eliminated.
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