What is Form 8809?
Did you know IRS Form 8809 lets you extend your information return deadline by 30 days? Form 8809 is used to request an extension of time to file informative returns from the Internal Revenue Service. Use as an example: This document is used by employers to extend the deadline for submitting their 1099 forms.
Table of contents
- What Is Form 8809?
- What Is the Internal Revenue Service?
- How does the Internal Revenue Service Work?
- How Long Is the Form 8809 Extension Period?
- What Is Federal Income Tax and How Does It Work?
- When Should You File Form 8809?
- How Do You File Form 8809?
What Is Form 8809?
Form 8809, Application for Extension of Time to File Information Returns, is a form used by corporations and individuals to request an extension of the due date for filing federal tax forms with the Internal Revenue Service (IRS).
If you are unable to file your 1099 or W-2 Form on time for whatever reason, you can request an automatic 30-day extension by completing Form 8809, Application for Extension of Time To File Information Returns.
The form can be filled out on paper or submitted electronically. To request the 30-day extension, you must file Form 8809 by the return's due date. If you don't, you could face consequences.
What Is the Internal Revenue Service?
The Internal Revenue Service (IRS) is a federal organisation in the United States that is in charge of collecting taxes and enforcing tax regulations.
The agency, which is under the authority of the United States Department of the Treasury, was founded in 1862 by then-President Abraham Lincoln with the primary goal of collecting individual income taxes and employment taxes.
Corporate, gift, excise, and estate taxes are all handled by the IRS. Commissioner Charles P. Rettig, who was nominated to the position by then-President Donald Trump in 2018, is the leader of the IRS as of November 2021. He is in charge of an 80,000-strong workforce and an $11 billion budget.
Rettig, a New York University graduate, is the first commissioner to have worked in tax law rather than company management since the 1990s. Corporate, gift, excise, and estate taxes are all handled by the Internal Revenue Service, as are mutual funds and dividends.
The Internal Revenue Service, or IRS, receives over 90% of all tax returns submitted each year, making it a critical institution for enforcing tax laws in the United States. Since its inception, the Internal Money Service, or IRS, has been in charge of collecting the majority of the revenue required to fund the federal government.
However, the agency has encountered a considerable amount of criticism and controversy regarding its taxation methods and principles while doing so. The Internal Revenue Service, or IRS, has recently endured budget cuts and low morale, yet the agency nonetheless processed nearly 253 million tax returns in 2021.
How does the Internal Revenue Service Work?
The IRS is in charge of taxation for all Americans, both individuals and businesses, and is situated in Washington, D.C. In fiscal year (FY) 2020, it processed around 240 million income tax returns and other forms (October 1, 2019, to September 30, 2020).
The IRS received almost $3.5 trillion in revenue during that period and issued over $736 billion in tax refunds (including $268 billion in COVID-19 pandemic-related economic impact payments).
Individuals and organisations can file income tax forms electronically thanks to computer technology, software applications, and secure internet connections. The number of people using the IRS's e-file service has steadily climbed since its inception, and the vast majority of people now utilise it to file their taxes.
The e-file option was used on 94.3 per cent of all individual returns in FY 2020. It was used by approximately 40 million people out of roughly 131 million returns in 2001, accounting for nearly 31% of all returns. In October 2021, a little more than 112 million taxpayers received their refunds via direct deposit instead of a paper check, with the average direct-deposited amount being $2,851.
How Long Is the Form 8809 Extension Period?
The deadline to file the above forms is automatically extended by 30 days when Form 8809 is filed. If you require further time, you may be eligible for a 30-day extension. You must complete a second Form 8809 and meet one of the following criteria to acquire the additional 30-day extension:
- You were in a federal disaster region when a catastrophic incident occurred, preventing you from restarting operations or accessing critical company records.
- Your activities were harmed by a fire, a casualty, or a natural calamity.
- This was the first year that your company was open for business.
- The person in charge of filing was either very ill, absent, or had died.
- You didn't get the information from a payee statement in time to submit a complete and accurate return.
The 30-day extension is not available for non-employee remuneration reported on Forms W-2 or 1099-MISC. Any allowed extension of time to file will merely postpone the IRS's deadline for filing information returns. It does not extend the deadline for receivers to receive statements. You may learn more about this process in IRS Publication 1220.
How to Interface with the IRS?
By mail
The IRS can be reached in a variety of ways. If you're mailing your tax return, the address you select will be determined by your state of residence and whether or not you expect a refund. On the IRS website, there is a list. If you're sending an application or a payment, the IRS website has a list of postal addresses for various purposes.
By phone or online
Individuals seeking assistance can call (800) 829-1040 from 7 a.m. to 7 p.m. Eastern time (ET) Monday through Friday, and there are also toll-free numbers for businesses and other purposes. However, getting in touch with a real person can be difficult.
CPA On her blog, Amy Northward has kindly explained the process, which entails a long sequence of responses to automated queries. It has been checked for accuracy by Investopedia. Use the Interactive Tax Assistant on the IRS website for online help with a range of questions.
In-person
If you need an extension to file Forms 1042-S (due March 15) and 5498 (due May 31), you must submit Form 8809 by March 15, the earliest of the two due dates. You can prevent this difficulty by completing several Form 8809s. An extension will not be granted if a request is received after the deadline.
What Is Federal Income Tax and How Does It Work?
Individuals, businesses, trusts, and other legal entities in the United States are subject to a yearly tax imposed by the Internal Revenue Service (IRS). Wages, commissions, bonuses, tips, investment income, and certain types of unearned income are all taxable in the United States.
Individual income tax rates in the United States are progressive, meaning that the tax rate grows as taxable income rises. The federal income tax rate ranges from 10% to 37% and is activated at certain income levels. The tax brackets are the income ranges to which the rates apply. Income that falls into each of these categories is taxed at the bracket's rate.
Is Social Security Income Considered Income?
Social Security benefits are not included in gross income. Benefits, on the other hand, are counted as part of your total income for determining whether you owe taxes on your benefits. Your combined income is the sum of your adjusted gross income (AGI), nontaxable interest, and half of your Social Security payments. If your total income is between $25,000 and $34,000, you may be taxed on up to 50% of your benefits.
When Should You File Form 8809?
You should file Form 8809 as soon as you realise you'll require a filing extension. The IRS, on the other hand, will not allow you to file Form 8809 before January 1 of the following year, when the information returns are due. Form 8809 must be submitted by the information return due date, which varies.
You may use one Form 8809 to request an extension of time to file multiple types of information returns, but you must file it by the earliest due date.
If you need an extension to file both Form 1042-S and Form 5498, you must submit Form 8809 by March 15, which is the earliest of the two due dates. To avoid this problem, you can fill out multiple Form 8809s. If a request is submitted after the deadline, an extension will not be granted.
How Do You File Form 8809?
You can usually file Form 8809 online or by filling out a paper form and mailing it to the address listed on the form. If you're asking for an extension for Forms 1099-MISC, 1099-QA, 5498-QA, or W-2, you'll need to submit your request on paper. When filing online is allowed, you must use the IRS's Filing Information Returns Electronically (FIRE) System to submit Form 8809.
Only under exceptional situations, such as a natural disaster that destroys the books and records needed to file the forms, are 30-day extensions granted. When filing Form 8809 with the Social Security Administration for an extension, you must provide a thorough explanation for why you need the extension and sign the form under penalty of perjury.
To manage your costs and expenses you can use many available online accounting software.
How Deskera Can Assist You?
As a business, you must be diligent with the employee payroll system. Deskera People allows you to conveniently manage payroll, leave, attendance, and other expenses. Generating payslips for your employees is now easy as the platform also digitizes and automates HR processes.
Key Takeaways
- The form can be filled out on paper or submitted electronically. To request the 30-day extension, you must file Form 8809 by the return's due date. If you don't, you could face consequences.
- The Internal Revenue Service (IRS) is a federal organisation in the United States that is in charge of collecting taxes and enforcing tax regulations.
- The Internal Revenue Service, or IRS, receives over 90% of all tax returns submitted each year, making it a critical institution for enforcing tax laws in the United States. Since its inception, the Internal Money Service, or IRS, has been in charge of collecting the majority of the revenue required to fund the federal government.
- The e-file option was used on 94.3 per cent of all individual returns in FY 2020. It was used by approximately 40 million people out of roughly 131 million returns in 2001, accounting for nearly 31% of all returns.
- The 30-day extension is not available for non-employee remuneration reported on Forms W-2 or 1099-MISC. Any allowed extension of time to file will merely postpone the IRS's deadline for filing information returns.
- The federal income tax rate ranges from 10% to 37% and is activated at certain income levels. The tax brackets are the income ranges to which the rates apply. Income that falls into each of these categories is taxed at the bracket's rate.
- Social Security benefits are not included in gross income. Benefits, on the other hand, are counted as part of your total income for determining whether you owe taxes on your benefits.
- You can usually file Form 8809 online or by filling out a paper form and mailing it to the address listed on the form. If you're asking for an extension for Forms 1099-MISC, 1099-QA, 5498-QA, or W-2, you'll need to submit your request on paper.