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| US Entities – Six-Month Automatic Extensions Available 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. Extension procedures will be streamlined for business taxpayers, thus eliminating three existing forms. Under existing procedures, only corporations can request an automatic six-month tax-filing extension. The new regulations will also make this option available to most non-corporate business taxpayers, including partnerships and trusts. Accordingly, starting January 1, all eligible business taxpayers will use Form 7004 to request an automatic six-month extension of time to file. In the past, eligible non-corporate business taxpayers had to request an initial three-month extension and, if more time was needed, then request another three months.
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