How to Fill Out Tax Extension Form 1138

Tax extension form 1138 is very good for those merging businesses that fear early net operating losses. The US Internal Revenue Service has created a form for those who believe that they will suffer net operating loss at the time of filing tax forms. You can fill form 1138 not only as an emerging business owner but same goes for established businesses as well. Basically this form serves as an extension of time for the payment of your taxes. Once you file an extension form, you will be given a specific time in which you have to pay the required taxes.


  • 1

    Determining the need to use Form 1138

    Determining the need to use form 1138 is very important. You have to determine carefully that whether or not you will face net operating loss for the specific year. There are many tools which are now available in the market which will certainly guide you through all the small details about a specific company’s net operating losses. The tools which will try to determine the net operating losses will see outstanding tax liabilities for a specific year as it will certainly inform you in detail that whether or not you qualify to use the tax form 1138.

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    Obtaining the form from IRS

    After determining as whether you will face net operating loss for a specific year, now you can obtain the form 1138 from Internal Revenue Service. Go to their state office and get one or you can go their website and download form 1138. Make sure that you download the right form. You also need to make sure that form 1138 is title with the name "Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss Carryback." It should be relatively easy to download this form as once you click on the link you will be given the option to save this form on your computer.

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    Providing basic identification information

    Fill out the form with basic identification information. It will help the department to reach you in order to solve ambiguity regarding extension of time of payment of taxes. Write your company’s name and proper address. You should also write your employer identification number as it will help the IRS to track down all your past business records.

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    Write tax year ending date

    It is also very important that you need to write tax year for which you are submitting the form 1138. It will clarify that you are requesting the government to grant you slight leniency in anticipation for the tax submission. After submitting you will have to be patient for a response from the IRS on how to proceed further with your request.

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