These final regulations adopt without modification the proposed amendments to 26 CFR part 54, which allow filers of Form 8928, “Return of Certain Excise Taxes Under Chapter 43 of the Internal Revenue Code,” to obtain an automatic six-month extension of time to file the return after the date prescribed for filing the return.
To qualify for the extension, the filer must:
- Submit a complete application on Form 7004, “Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns,” or in any other manner prescribed by the Commissioner;
- File the application on or before the date prescribed for filing the return with the Internal Revenue Service office designated in the application’s instructions; and
- Remit the amount of the properly estimated unpaid tax liability on or before the date prescribed for payment.
The IRS noted that an automatic extension of time for filing a return will not extend the time for payment of any tax due on such return.
The final regulations will be published in the June 24 Federal Register.