Business extension Form 7004- A Complete Guide!

What is Form 7004?

Business Extension Form 7004 is an application used by businesses to request the IRS an extension of time to file certain income tax, information, and other returns.

If you are Filing Form 7004 on or before the regular due date of the business tax return, you will get an automatic 6-month extension of time to file your income tax returns.

Who should file Form 7004?

The Business tax extension Form 7004 can be used by the following recognized businesses.

• C-Corporations

• S-Corporations

• Partnership

• Multi-member LLC as Corporation

• Multi-member LLC as Partnership

• Trust, Estates, and Others

What are the Tax filing returns do 7004 support?

Business Extension form 7004 supports 33 different IRS returns.

Following are the tax filing forms that can use the IRS extension Form 7004 to extend the filing deadline up to 6-months. Exceptions apply to C corporations (1120-C) with a fiscal tax year ending June 30 are eligible for an automatic 7-month extension using Form 7004.

The following tax returns qualify for an automatic 6-month extension with IRS Form 7004:

The following Certain Trust and Entities qualify for an automatic 5 1/2 -month extension:

• Form 1041 (estate)

• Form 1041 (trust)

How Do I File IRS Form 7004?

You can file Form 7004 either through paper or electronically.

However, the IRS advises all tax extension filers to transmit their tax returns electronically to instantly get the approval.

But, when you choose a paper filing option, it takes a lot of time to prepare and receive the acknowledgment from the IRS. So, choose the best option like the electronic filing method to file your 7004 to the IRS.

Step by step Instructions to file IRS Form 7004 to the IRS

When you are ready to file the Form 7004 to the IRS, you need to have the following information in hand.

• Your legal name, which should match with the IRS records.

• Your Employee Identification Number (EIN)

• The address of your business. If you receive mail at a P.O. Box, you need to include this address instead.

Once you have the information that matches with the IRS records, here are the step-by-step instructions you need to follow to complete and submit Form 7004 to the IRS.

Form 7004 has two parts, here we go:

Part-I: Automatic Extension for Certain Business Income Tax, Information, and Other Returns.

Line 1

Enter the applicable form code in the boxes shown on line 1 to indicate the IRS the type of business tax return for which you are requesting an extension of time to file.

Part-II: All Filers Must Complete This Part

Line 2: If your office or place of business is out of the U.S or in any foreign countries, you get an extra 2 -months to file a business tax return to the IRS (the 15th day of the 6th month following the close of the tax year).

In case you need an extension of 3 months after the 15th day of the 6th month following the close of the tax year, you must check the box on line 2 of Form 7004 to request an extension of time to file the income tax return.

Line 3: Check the box on line 3, if you are the common parent or agent of a consolidated group requesting an extension of time to file the group's consolidated return.

Line 4: Check the box on line 4, if you are certain foreign and domestic corporations and certain partnerships who are outside the U.S and the due date falls on the 15th day of the 6th month following the close of the tax year.

Line 5a: If you do not use a calendar tax year (starts on January 1 and ends on December 31st), then complete the lines showing the beginning and end dates for the tax year.

Line 5b. If your business has a short tax period, Check any one of the applicable boxes on line 5b for the reason for the short tax year.

Line 6: Enter the total tax, including any nonrefundable credits, you expect to pay for the tax year.

Line 7: Enter the total payments and refundable credits.

Line 8: Enter the balance due amount, you need to pay for the tax year. Form 7004 does not extend the time to pay tax.

E-File Form 7004 With ExpressExtension

E-Filing Form 7004 with ExpressExtension is an easy and accurate way to file on-time with the IRS. As our software will give you step-by-step guidance from start to finish to complete your extension.

ExpressExtension also gives you an advantage to pay your tax due along with Form 7004 to the IRS via Electronic Funds Withdrawal (EFW) or the Electronic Federal Tax Payment System (EFTPS).

To get started, simply create a free ExpressExtension account using your email id! Then our software will guide you throughout the process until you transmit the extension to the IRS. In case your extension gets rejected, you can correct and retransmit it for free of cost!