What is Perfection Period & How Does It Help?
You’ve just jumped out of a plane. Who has time to question why? Listen, you’re 10,000 feet above ground, hurtling to the earth at a rate of approximately two cups of sweat per minute. What do you need?
That’s right. A parachute. When you’re panicking, you need to pull a string and release a personal safeguard against disaster. You’re looking for something to lower you safely, and softly, to the ground.
So, in the world of taxes, the parachute we’ve just described is called a Perfection Period. Okay, maybe we were a little dramatic about it. But when you get the notice that the IRS has rejected your e-file request for a tax extension – well, the panic is real, right? Especially when you realize that the deadline for e-filing an extension has already passed. So you can’t quickly try again. You’re late. Game over.
Except it’s not. Because of the Perfection Period provided by the IRS, you’re still in it to win it.
And guess what? TaxBandits can pull help you pull that parachute string. Within the Perfection Period, we let you correct, or perfect, your extension request and e-file again. For free.
Really?
Yes, really. You get five days to correct your mistakes. Pretty generous, right? Here it is directly from the IRS:
“The Transmission Perfection Period for an extension to file Form 4868,
7004 or 8868, is five days.”
“The Transmission Perfection Period…is a period of time to correct errors in the electronic file.”
Here’s the bottom line.
If you get a notice from the IRS telling you that your extension request was rejected, you have five days to take another shot at it and try again. They give you time to fix it.
Perfection Period: Important Points
The most important thing to know is that the Perfection Period for Form 4868, Form 7004 or Form 8868 is only five days. Other information to consider:
- You must retransmit the corrected return within the Perfection Period.
- You can retransmit more than once during the Perfection Period.
- Any retransmission after the end of the Perfection Period results in a late filing
- The Perfection Period can never be extended regardless of weekends, holidays, or end-of-year cutoffs.
You’re a daredevil. You’ve got exciting things to do, which is why you filed an extension in the first place. But right now, you need a parachute. With TaxBandits, you can e-file your Form 8868, 7004, & 4868 and, if rejected, you can correct and resubmit through us for FREE.
For any questions or assistance with e-filing your tax extension, you can call our live professionals by phone (704) 684-4751, Monday through Friday from 9am to 6pm EST), email (support@taxbandits.com), or live chat (www.taxbandits.com).
