New Form 4868 will Provide Six-Month Extension Period

A draft of the revised IRS Form 4868 is now available at www.irs.gov. This revision will give taxpayers a six-month extension without requiring an intervening form. For tax year 2004, taxpayers had until August 15 to file Form 4868. To get an additional two months, taxpayers had to file Form 2688, as well as supply a reason for needing the extension. Once the necessary regulations are approved, taxpayers will be able to use the revised form for tax year 2005. It is estimated that this change may save nine million hours.

From September 2005