Extended Federal Tax Deadline: What It Means To You

The IRS has provided taxpayers a slight reprieve from the regular tax filing deadline. Because the normal April 15, 2007, deadline for filing calendar-year returns falls on a weekend, the due date ordinarily would be automatically extended until Monday, April 16. However, since a new local law makes April 16 a legal holiday in the District of Columbia (“Emancipation Day”), the filing due date nationwide for 2006 returns is Tuesday, April 17, 2007.

For those taxpayers in six states and the District of Columbia who file returns at the IRS Service Center in Massachusetts, the due date does not change since returns were due on April 17 in any event, since the Patriots Day holiday is observed in Massachusetts on April 16.

Who Is Affected? The April 17 deadline applies to a wide variety of business and individual taxpayers and returns, including:

• 2006 individual federal income-tax returns,
• Requests for an automatic six-month filing extension,
• Tax year 2006 balance due payments (made electronically or by check),
• Tax-year 2006 contributions to a Roth or traditional Individual Retirement Account,
• Individual estimated tax payments for the first quarter of 2007,
• Individual refund claims for tax year 2003 returns (due to a three-year statute of limitations),
• Corporate income-tax returns, including S corporation returns,
for a fiscal year ending on January 31, 2007, plus any balance due,
• Corporate estimated taxes for the first quarter of 2007 for calendar-year taxpayers (may also apply to other quarterly payments for non-calendar-year taxpayers),
• Calendar-year trust and estate income-tax returns and balances due,
• For calendar-year trusts and estates, estimated tax for the first quarter of 2007 (may also apply to other quarterly payments for non-calendar-year taxpayers),
• Calendar-year 2006 partnership returns,
• Calendar-year 2006 Form 990-T for certain employee trusts, retirement plans, and education savings plans,
• Annual information returns and unrelated business income-tax returns for tax-exempt organizations with a fiscal year ending on November 30, 2006,
• Extension requests for any listed return, and
• The March withholding tax deposits for employers who deposit monthly, as well as deposits of larger employers who are subject to the next-day-deposit rule.

The information provided in the newsletter has been obtained from sources believed to be reliable but its accuracy is not guaranteed.