Preparers with individual and business clients likely find that filing tax extensions for Forms 1040 and 1120 isn’t uncommon. In fact, each year millions of taxpayers request an extension to file their taxes. Why?

The reasons for requesting a tax filing extension vary. Perhaps a client needs more time to gather all of the necessary source documents, or they’re dealing with an unanticipated event like a medical emergency or natural disaster, or they experienced a computer system failure. Fortunately, the IRS recognizes that events happen and sometimes taxpayers simply need more time.

To help preparers navigate some of the necessary steps for an extension, this blog will take a closer look at how to file an extension for individual tax returns and C corporation tax returns. There are several important factors to keep in mind.

To dig deeper, visit the original article on the Thomson Reuters blog.