- July 25, 2017
Every day we come across some sort of change in the world of business, but whatever the changes are, no matter how many changes occur, as a common person we still have to pay our taxes. Nevertheless, taxes are constantly changing. Stay up to date with tax information on a yearly basis, such that you are not missing any important changes such as when the deadlines are due if the extension become non-automatic, increase in penalties for late filing, and more.
Ready with Changes to Form 7004 Tax Extension
- Recently there is a major change that came with Form 7004 is that the deadline, which is moved up from April 15th to March 15th. Hence, in order to get an extension on filing certain business income taxes and other tax returns ensure that you have submitted the form by midnight on March 15th.
- Another notable change is that from now the IRS will no longer notify the tax filer if the extension is approved. The IRS will notify the user only if they do not approve the extension.
What is the Form 7004?
Form 7004 is the form that needs to be filled out to request an automatic extension time to file certain business income tax, information, and other returns. Certain business includes corporations, partnerships, multiple member LLCs filing as partnerships, and s-corporations.
Many tax filers forget the important point that IRS 7004 Form extends only the time to file the taxes but not to pay the tax amount. The taxpayer must pay the tentative tax by the deadline of March 15th. So here comes the next question. What is the tentative tax? The tentative tax is the estimated amount of the tax bill. Few tax filers calculate their tax by referencing the tax, which they paid last year. But it is not the best way to calculate the tax amount as there are many changes happening to the business in a year, which may increase or decrease the tax amount.
The IRS never notifies the client if the Form 7004 extension is approved, but it sends a notification email only if the extension is not approved by them. However, the IRS makes the 7004 extensions automatically and they reserve the right to terminate them at any time. Again, a mail will be sent to the concerned person at least before the termination date, in the case of terminated extension.
Form 7004 needs to include the name of the corporation; the address of the corporation’s main office; the employer identification number of the corporation; the amount of the estimated taxes paid during a year; tentative tax liabilities; tax year applicable and the right code corresponding to specific tax forms that will be filed eventually.
Filing Form 7004 with IRS
Tax2efile as an IRS-authorized tax service provider can help you will all of your extension filings. To file a Form 7004 before the deadline just registers with Tax2efile and select the form you would like to complete. Our experienced tax support members can guide you throughout the process and ensure you are awarded an automatic extension for 5 or 6 months within minutes.
We process your IRS 7004 Form in minutes and submit the extension form to the IRS. After the successful review by the IRS, you will get the confirmation email within 30 minutes through your registered mail id.
