With tax returns due in 10 days (August 15) for those who filed for an automatic four-month extension by April 15 on Form 4868, the IRS has released a Draft of Form 4868 for 2005 returns, which provides for an automatic six-month extension to October 15, 2006. The new Form 4868 will take effect if the regs are changed in time for the 2005 filing season. For 2004 returns, taxpayers still must file Form 2688 and give an "adequate explanation" for why they need an additional two months (to October 15, 2005) to file their returns. (Hat tip: the TaxGuru.)



