federal business tax return extension 2018

Federal Business Tax Return Extension 2018: Understanding the Requirements

As the tax year comes to a close, many businesses are required to file their federal business tax return, known as Form 1120-F. However, sometimes unforeseen circumstances may arise that make it necessary to extend the deadline for filing this return. In such cases, understanding the requirements for filing an amended or superseding return is crucial.

According to the IRS, most taxpayers who e-file an amended return will have already filed their original tax return electronically. To pass the business rules for these forms, it is essential to complete the entire 1120-F return and all applicable fields. Currently, a subset of business rules is not in place for Form 1120-F amended returns, whereas for 11-S amended returns, only a subset of business rules will be enforced.

For Forms 1120, 1120-S, and 1120-F, it is necessary to include the main form and any changes made. The MeF amended return mirrors the paper amended return filing process, which means it requires a subset of information from the original return.

An amended return is filed subsequent to the originally-filed or superseding return and after the expiration of the filing period (including extensions). However, when filing a superseding return, taxpayers must indicate that the return is such by selecting the Superseded Return checkbox in the software. Failure to do so will result in rejection as a duplicate filing.

A superseding return is filed subsequent to the originally-filed return and within the filing period (including extensions). In this case, the return must be a complete XML filing of the entire return, with all required forms, schedules, and attachments.

For corporate amended returns with carryback claims, taxpayers may e-file as long as the carryback claim box is checked. Additionally, if the taxpayer was previously required to e-file an original return but is now filing an amended return, they are exempt from the requirement to e-file and can file a paper return.

Taxpayers who have received an approved waiver from the IRS to file their particular return on paper are also exempt from this requirement. However, if the taxpayer is required to e-file an original return and needs to file an amended or superseding return, they must e-file that return.

The MeF system processes both superseding and amended returns for Forms 1120, 1120-S, and 1120-F. By understanding these requirements, business owners can ensure compliance with federal tax laws and avoid any potential penalties or issues related to late filing.

Federal business tax return extension 2018