Daily Tax Update - February 8, 2017: IRS Clarifies Filing Extension Eligibility for Calendar Year C Corporations

IRS Clarifies Filing Extension Eligibility for Calendar Year C Corporations:  The Treasury Department and the IRS issued a statement regarding the revised “Instructions for Form 7004,” clarifying that calendar year C corporations are eligible for an automatic six-month extension under section 6081(a).  Under section 6081(b), calendar year C corporations are only eligible for a five-month extension.  

House Small Business Committee to Hold a Hearing About Start-Ups and the Tax Code:  On February 15 at 11:00 a.m., the House Small Business Committee will hold a hearing titled “Start-Ups Stalling? The Tax Code as a Barrier to Entrepreneurship.” 

The following witnesses will testify:

  • Kyle Pomerleau
    Director, Federal Projects Tax Foundation

  • David Burton
    Senior Fellow, Economic Policy Institute for Economic Freedom and Opportunity at the Heritage Foundation

  • Tim Reynolds
    President of Tribute Inc., representing the National Small Business Association

  • Troy Lewis
    Former Chairman, American Institute of CPAs' Tax Executive Committee