12 Good Reasons for Obtaining Extensions

Those who know Ed Mendlowitz, author of the CPA Trendlines Tax Season Opportunity Guide, know that he doesn’t like extensions.  However, there are valid reasons for extensions.

Ed grudgingly admits to 12:

  1. You did not receive K-1s or 1099s or other documents with information that you need to report.
  2. You did not receive letters confirming charitable contributions that are required to be in your possession by the due date of your tax return.
  3. There is pending litigation and reporting certain transactions might prejudice your position, or you are awaiting resolution that might cause or affect an adjustment or estimate made for last year.