It is with diligence that the IRS form 4868 is worked out for the benefit of nation and individual.in terms of nation, the tax payable whether shown or hidden by individual in tax form 1040 and in other allied forms are known to IRS through the advanced technological information systems that federal government have structured in place of operation to carry out the entire tax liability of an individual with SSN and tin to be accountable to USA treasury. On the other hand in the case of an individual it is time buying through form 4868 like credit for tax money owed to IRS as borrowed which attracts interest and penalty when an individual is not in a position to file tax returns with a part of tax calculated as payable on or before the exact due date April 15th 2014 as declared by IRS.
In both the cases of IRS and an individual, the intent is always thought to be purporting with a kind of selfish motive however finally supporting the nation’s cause.
Way back to school and college days, when a student turned a term paper late will see his grade being down-graded because of complacency. The same way IRS treats tax-payers on the guided principle. Here in irs case, an individual who wishes to take up a week beyond the due date April 15th 2014 to file returns and pay tax, filing form 4868 may help him avoiding the late penalty.
IRS supports us citizens who live and work abroad (puerto-rico excluded) as taxpayers to USA gets an automatic two months extension of time from April 15th 2014 to June 15th 2014 without filing for form 4868.but when they file returns on or before June 15th 2014, they must include their proof of living and working abroad as USA citizen. Use of form 4868 can still extend their due date by another 4 months which will be October 15th2014.
IRS supports military and navy personnel serving in combat zones with automatic extension of 6 months and for the victims of “presidential declared disaster or a terroristic or military action” -IRS offer 1 (one) year of automatic extension of time (source-IRS).
Filing an extension with form 4868 neither stop interest payment to IRS accruing out of one’s tax liability nor it can prevent the penalties for not paying the tax by the said due date April 15th 2014.
One has to pay or clear tax liability to the extent of 90% by due date April 15th 2014 to keep-away IRS from charging any late payment penalty even on filing an extension form 4868. This will clearly state that the extension time given through form 4868 is for filing tax returns as applicable and not paying taxes beyond the given due date April 15th 2014 is the crux to understand.
So IRS is not purporting or even supporting but acts on clearly placed norms and regulations for the purpose of genuine tax collection job for nation’s growth and development after all IRS as a public body should be balanced to all multitudes in an evenly structured methodology as formed by us federal govt.
Please e-file your IRS form 4868 by the due date April 15th 2014 to avail an automatic extension of time through IRS certified service partner http://www.Etax4868.com