The Internal Revenue Service (“IRS”) has confirmed on its website that corporations, including regulated investment companies (“RICs”), will receive an automatic extension of six months to file their income tax returns for tax years beginning after 2015, as provided in the revised instructions to Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. Confusion arose because section 6081(b) (as amended under the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015) provides a 5-month extension for corporations with calendar year-ends, for tax years ending before January 1, 2026. For tax years beginning after January 1, 2026, the statute provides for a 6-month extension.
The IRS has authority under section 6081(a) to grant a reasonable extension for filing any return. The IRS states on its website that it is exercising that authority to provide the 6-month extension for tax years ending before 2026.
Karen Lau Gibian
Associate General Counsel