- March 15, 2023
Filing a tax extension deadline allows businesses to prepare their tax returns and submit them to the IRS. Three different forms can be used by businesses to file their tax extensions. S Corporations should use Form 7004 to avail of an automatic six-month extension to submit their returns with the IRS.
What is IRS Form 7004?
IRS Form 7004 covers a range of returns, offering an additional six months for S Corporation to file them. The tax Form will not extend payment deadlines, and businesses should send the taxes due to the IRS by the due date. Businesses will get extensions only if they complete Form 7004 accurately, submit Form 7004 on or before the deadline, and pay the taxes owed entirely.
Who is required to file Form 7004?
Most businesses can use Form 7004 to request an extension of time to file tax returns. This includes S companies, Corporations, partnerships, and multiple-member LLCs. Tax Extension Form 7004 can be used to request an extension on the following tax Forms.
- Form 1065, which is used for partnership tax returns by LLCs
- Form 1120, used to file Corporation tax returns
- Form 1065, used for filing partnership tax returns
Businesses that file this tax Form successfully; will be granted an automatic six-month extension to file the tax returns.
Who should not file Form 7004?
Form 7004 will not be used by sole proprietors to request an extension for tax filing. As there is no legal separation between the business and its owners, sole proprietors can request for automatic filing extension through Form 4868. Business owners using Form 1041-A to submit charity information should use Form 8868 to file for extensions instead of Form 7004.
Deadline for filing Form 7004
Corporations can either e-file tax Form 7004 or send a paper Form by mail. Corporations and partnerships should calculate their taxable business income after deducting their business expenses from their total earning and arrive at the consolidated profit or loss. They should pay the taxes along with the tax extension Form. It is important to file this Form on or before the due date of the applicable tax return Form.
If the Form is filled and filed appropriately, the IRS will automatically give tax extension for the taxpayers. The IRS will not contact the corporation if it approves the application. It will contact the taxpayers if it denies the request for an extension. The deadline to file Form 7004 for a tax extension for different corporations is as follows. Follow the tax calendar to get complete info. about the due date for the tax year.
- S Corporations – 15th March
- C Corporations – 15th April
- C corporations who are calendar year taxpayers– 18th April.
- Partnership companies – 15th March
It is essential to file the tax extension Forms on time to avail of time extension on tax filing. There is no extension for making the tax payments, and it has to be done by the deadline. For more information on the accurate and on-time filing of tax extension forms, businesses can seek help from expert tax professionals at Tax2efile.
