Taxpayers will be able to request an automatic, six-month filing extension for most common individual and business returns, according to new regulations released by the Treasury Department and the Internal Revenue Service.
The new regulations provide streamlined and simplified procedures that are expected to annually save taxpayers between $73 million and $94 million by eliminating or consolidating several existing IRS forms. As a result, starting Jan. 1, 2006, most individuals and businesses will be able to request a full six-month filing extension, without a reason or even a signature.
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