Form 7004: Business Income Tax Extension
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- Form 7004
- What is IRS Form 7004
IRS Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns
- Updated on October 04, 2024 - 10.00 AM by Admin, ExpressExtensionFiling your business tax returns on time is one of the crucial aspects of running a business, and failing to do so may lead to penalties. If you are unable to meet your Business tax filing deadline, you always have the option to request an extension using
Form 7004.
Here, you will find detailed information about Form 7004, its deadline, filing requirements, and more.
Table of Contents
What is the IRS Form 7004?
Form 7004 is a tax extension form that businesses can file to request an automatic extension of up to 6 months from the IRS to file their business tax returns.
This form only provides an extension of time to file the return, not pay your estimated tax liability. This amount (if any) should still be paid by the original filing deadline.
Note: This extension is automatic, and the IRS doesn’t require you to provide any explanation or reason for requesting more time.
Who must file Form 7004?
Businesses that need more time to file their annual tax return can use Form 7004 to request an extension. This includes,
- S - Corporations
- C - Corporations
- Partnerships
- Multi-member Limited Liability Companies
- Certain Estates and Trusts
Common use cases
-
I’m a Sole proprietor. What extension form do I need to file?
- A sole proprietor is considered to be a single person, so you can file a 4868 extension form to request an extension for filing your income tax return, i.e., Form 1040.
-
My Business is a Single-member LLC. Which Extension form should I file?
- Businesses that operate as a single-member LLC can file form 4868 and receive an extension of up to 6 months to file their tax return (1040 return).
-
I’m a Multi-member LLC treated as a S-Corp. Can I file Form 4868?
- No, you cannot file an extension Form 4868. You can file Form 7004 extension to get an extension of up to 6 months for filing your business tax return (Form 1120-S).
Which Forms does the Form 7004 Extend?
The deadline for filing the following forms can be extended using
Form 7004.
- Form 706-GS(D)
- Form 1041-N
- Form 1065
- Form 1120-C
- Form 1120-H
- Form 1120-PC
- Form RIC
- Form 3520-A
- Form 8725
- Form 8876
- Form 706-GS(T)
- Form-QFT
- Form 1066
- Form 1120-S
- Form 1120-L
- Form 1120-POL
- Form 1120S
- Form 8612
- Form 8804
- Form 8924
- Form 1041
- Form 1042
- Form 1120
- Form 1120-FSC
- Form 1120-ND
- Form REIT
- Form 1120-SF
- Form 8613
- Form 8831
- Form 8928
When is the deadline to file Form 7004?
The due date to file Form 7004 is the same as the due date of the business tax return for which the extension is required.
-
For Tax Forms 1065, 1120-S, and more - The deadline to file Form 7004 is the 15th day of the 3rd month after the organization’s tax year ends.
- So, if your organization follows a calendar tax year, the deadline for the 2023 tax year is March 15, 2024.
-
For Tax Forms 1120, 1041, and more - The deadline to file Form 7004 is the 15th day of the 4th month after the organization’s tax year ends.
- So, if your organization follows a calendar tax year, the deadline for the 2023 tax year is April 15, 2024.
Note: If the due date falls on a Saturday, Sunday, or a federal holiday, the next business day will be the deadline.
How to fill out Form 7004?
Form 7004 is a short form that can be completed easily. It is comprised of
2 parts.
Part I
- Line 1- To complete line 1, simply look at the list of applicable forms and enter the corresponding code for that form on line 1. For example, Form 1120 is code 12.
Part II
- Line 1- To complete line 1, simply look at the list of applicable forms and enter the corresponding code for that form on line 1. For example, Form 1120 is code 12.
- Line 2 - Foreign corporations without a location in the U.S will be required to check the box. If you are a domestic corporation, simply skip this and keep moving.
- Line 3 - If your organization is a parent organization you will need to check the box and attach the required documentation.
- Line 4 - If your business entity qualifies under section 1.6081-5, you will need to check the box.
- Line 5a - Indicate the beginning and end date of your tax year.
- Line 5b - If you experience a short tax year indicate the reason why. For example, if your business closed within the tax year and this will be your final return.
- Line 6 - Enter your estimated tax payments.
- Line 7 - Enter your total payment amount with credits.
- Line 8 - Subtract line 7 from line 6 for your total balance due.
To know more about the Form 7004 Instructions, Visit: https://www.expressextension.com/form-7004-instructions/
Part I:
- In this part, you will find a list of form codes, and you are required to enter the code corresponding to the type of form for which you are requesting an extension.
- If you are filing an extension for Form 1065, enter the
code 09 - If you are filing an extension for Form 1120, enter the code 12
Example:
Part II:
- In this part, you will have a series of questions related to your organization type, tentative total taxes, total payments, and credits.
For detailed information on how to complete Form 7004, visit: https://www.expressextension.com/form-7004-instructions/
If no electronic payment is being submitted with the 7004, the signature form is not required.
How do I file Form 7004?
Form 7004 can be filed on paper or electronically. However, the IRS encourages businesses to choose e-filing for quicker and more efficient processing.
Filing a 7004 extension with ExpressExtension is easier than ever, complete and e-file your Form 7004 in minutes!
Are there any penalties for filing Form 7004 late?
There are no specific penalties for filing Form 7004 late. However, there will be penalties for failing to file your business tax return within the deadline (if the extension is not requested).
Also, penalties may be imposed for failing to complete tax payments (if any) within the deadline. Since Form 7004 only extends the tax filing deadline, you must make your estimated tax payment on or before the deadline to avoid paying penalties.
The IRS will charge 0.5% of your tax dues for every month that you fail to make a payment, and the maximum penalty
is 25%.
Note: The IRS may waive your penalty if you provide a reasonable cause for not paying the taxes due within the deadline.
Where should I mail Form 7004?
If you choose to file Form 7004 on paper, you will need to fill out the form and mail it to the IRS.
The IRS mailing address will vary depending on the type of form for which you are requesting an extension.
Click here to find out more information about the
Form 7004 Mailing Addresses.
Choose ExpressExtension to file your Form 7004 in Minutes
ExpressExtension, the leading IRS e-file provider of tax extensions, is a great option for e-filing your extension form in minutes.
Our user-friendly software allows you to E-File Form 7004 with ease and accuracy. You are able to file conveniently from any device, and any rejected forms can be corrected and retransmitted at no additional cost to you! You also have the option to pay your taxes due while filing.
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