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Extensions at Tax Time

March 15 is fast approaching, and with it the deadline for filing corporate tax returns.  I am wondering how many companies file by then, and how many apply for the extension?

Also,  if all required information is available in time to file, are there any good reasons for applying for the extension anyway, and filing later.
 

Answers

Kurt Kipfer
Title: CFO Emeritus
Company: International Medical Group, Inc.
(CFO Emeritus, International Medical Group, Inc.) |

For 13 years running now, we have extended our tax filing deadline. As an international company with multiple locations and diverse operations, it is literally impossible to file by March 15th. I would suspect most (greater than 70%) medium-sized and larger companies file for an extension.

Having said that, if you tax data is available and ready, I can't see why you would not file timely. You will not gain a time advantage for deferring any additional tax due by filing an extension.

Topic Expert
Marc Schwartz
Title: Partner
Company: Schwartz International
(Partner, Schwartz International) |

I agree with Kurt. Most companies I work with extend their returns, but not by choice. It may simply not be possible to gather quality data in time. That said, when we were in industry one time-saving measure was to design a system where our foreign controllers could enter data that would tie into the appropriate lines in the returns.

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