Sun
Share

Lahti, Lahti & O'Neill, P.C. Blog

Tuesday, November 22, 2016

Massachusetts Simplifies Extension Process

By Michael T. Lahti

The Massachusetts Department of Revenue has issued a technical information release announcing the expansion of its simplified process for tax return filing extensions.  This will include individuals, fiduciaries, partnerships, and estates, beginning with tax returns due on or after December 5, 2016.

The simplified process, which was previously implemented for corporate excise taxpayers, will now also apply to individuals, fiduciaries, and partnerships (“personal income taxpayers”) filing tax returns, and filers of estate tax returns, beginning with returns due on or after December 5, 2016. The process is being implemented by the Department of Revenue (“DOR”) in conjunction with the expansion of MassTaxConnect on December 5, 2016 to personal income taxpayers and estates.  (MassTaxConnect is a new electronic tax system that, among other features, allows taxpayers to manage their accounts, pay taxes, and communicate securely with DOR.)

Generally, personal income tax returns are due on or before April 15 each year, and estate tax returns are due 9 months after the date of the decedent’s death. Previously, to receive an extension of time to file a return, a personal income taxpayer was required to submit a formal request electronically or on paper or otherwise meet certain criteria.

Filers of estate tax returns were required to request an extension of time to file an estate tax return by filing Form M-4768. As of December 5, 2016, all personal income taxpayers and filers of estate tax returns will be automatically granted an extension of time to file their tax returns as long as they have paid at least 80% of the total amount of tax ultimately due on or before the date prescribed for payment of the tax.

Consistent with existing rules, a taxpayer meeting this payment requirement will be granted a 6-month extension to file the applicable return.  The extension will be considered void, however, if 80% of the total tax liability is not paid on or before the original due date of the return.  In addition, interest and penalties for late filing and late payment will apply. The 6-month extension will run from the original due date for filing the return.

It is important to note that this extension does not extend the due date for payment of any tax due. Interest will accrue from the original due date for filing a return on all amounts not paid by the due date, and on any amount assessed as a penalty.


Archived Posts

2017
2016
2015
2014


Serving residents of Rhode Island and the Massachusetts Counties of Barnstable, Plymouth, Bristol, Norfolk, Suffolk and Middlesex.



© 2019 Fletcher Tilton PC | Disclaimer
1 Richmond Square, Suite 303N, Providence, RI 02906
| Phone: 401-331-0808
651 Orchard Street, Suite 107, New Bedford, MA 02744
| Phone: 508-992-8677
266 Main Street, Olde Medfield Square, Bldg. 3, Suite 39, Medfield, MA 02052
| Phone: 508-459-8000
1597 Falmouth Road, Centerville, MA 02632
| Phone: 508-815-2500

Asset Protection | Business Succession Planning | Elder Law/Medicaid Planning Overview | Elder Law | Estate Planning | Estate Planning for High Net Worth Individuals | Estate Planning for Non-Traditional Families | Family Limited Partnerships | Guardianships | Medicaid Planning | Nursing Home Planning | Planning for Incapacity | Probate & Estate Administration | Retirement Planning | Special Needs Planning | Tax Law | Veterans Benefits | Wills & Trusts | Estate Planning for High Net Worth Individuals | Guardianships | Estate Planning for Non-Traditional Families | Estate Planning for High Net Worth Individuals | Estate Planning for High Net Worth Individuals | | Testimonials | Client Forms | Seminars | About Us

Attorney Web Design by
Zola Creative