Final answer:
An automatic extension for tax returns for individuals and corporations is granted by the Internal Revenue Service (IRS). For individuals, the automatic extension is for six months, which means the deadline for filing the return is extended from April 15th to October 15th. For corporations, the automatic extension is also for six months.
Step-by-step explanation:
An automatic extension for tax returns for individuals and corporations is granted by the Internal Revenue Service (IRS). For individuals, the automatic extension is for six months, which means the deadline for filing the return is extended from April 15th to October 15th.
For corporations, the automatic extension is also for six months. The deadline for filing the return is extended from the initial due date, which is typically the 15th day of the 4th month following the company's fiscal year-end.
It's important to note that while the automatic extension gives individuals and corporations more time to file their tax returns, it does not extend the deadline for paying any taxes owed. Any taxes owed must still be paid by the original deadline to avoid penalties and interest.