fiscal year ends feb 28.i was thinking I had 2 months after july 15 to file.now I am not so sure

your extension was due 6/15, return on extension due 12/15

The rules changed from 2.5 months after year end (3/15 for calendar year) to 3.5 months after year end (4/15 for calendar year) a few years back.

thanks.is it too late for an extension?

Yes, it's too late for an extension. Even if you submit one, the IRS will not accept it as valid and will still process your eventual return as late.

If you owe and end up getting penalties, you could use a reasonable cause statement or "first time abatement" to mitigate those. I dont recommend the first time method if it's not substantial as you want to keep that in you back pocket for a rainy day.

The virus legislation changed your due date to 07/15 but still late. Is this the initial return? If so, when did the business begin?

business began in 1968.is there some kinda stupid clause that I could use

Like 0708aggie said, the only guarantee would be to use the "reasonable cause" or one-time exception type of thing. For reasonable cause, you might get lucky this year blaming the Rona--who knows. But he is right in that the one-time exception thing you should save for when you really need it. Generally, they'll grant you a one-time exception every 5-10 years. If you have a history of filing timely since 1968, then it should be an easy exception to get.

Any cite for this "one time exception" a couple of you have mentioned?

Agree that if you have a history since 1968 of not missing the filing deadline you should be able to use the virus situation as reasonable cause and get any penalties abated. I would think the sooner you file, the better off you will be in that regard.

I don't think it's codified anywhere, but it's a common regulatory forbearance the IRS and pretty much all state taxing authorities will offer with a history of timely filing. It's usually just saying "mea culpa" and then promising it won't happen again anytime soon and they'll usually take the penalties away.

I guess it could fall under "reasonable cause" of "I've had 50 years of timely filing and finally missed one"--I've never really asked how they justify it.

Got you. Yeah, I have used reasonable cause many times, and on some occasions have used reasonable cause more than once on the same taxpayer and every time have gotten the penalties abated. I just have never heard of a one time "get out of jail free" thing that was automatic/available, which would be nice if it existed!

https://www.aicpa.org/interestareas/tax/resources/irsprocedureadministration/irspenaltyabatement.html