Tuesday, February 14, 2017

Updated forms and instructions

The Rhode Island Division of Taxation has updated its forms and instructions to reflect the recent change in the extended due date for calendar-year C corporations.
The Division has updated Form RI-7004, which is for making an automatic extension request involving Form RI-1120C, RI-1120S, and RI-1065. To view it, click here.
The Division has also updated Form BUS-EXT, the automatic extension request for those filing Form RI-1120POL (political organizations tax), Form T-72 (public service corporation gross earnings tax), and Form T-74 (banking institution excise tax). To view it, click here.
The Internal Revenue Service recently announced that it would make a six-month automatic extension available to calendar-year C corporations. (To see the IRS announcement, click here.) In response, the Rhode Island Division of Taxation announced that it would follow suit. (To see the Division's announcement, click here.)
  • Thus, for example, a calendar-year C corporation preparing its Rhode Island return for tax year 2016, with an original due date of April 18, 2017, will have an extended due date of October 16, 2017.
The Division decided to establish the six-month extension so that entities will have the same deadline for filing their federal and Rhode Island returns, a convenience for businesses and for tax professionals. The updated forms and instructions are available for tax preparers, tax software providers, taxpayers, and other stakeholders.