E-File Form 7004 - Automatically Extend Your Business Tax Return Due Date

If you’re a corporate business owner, the IRS asks you to report Form 1120 by April 15, 2021 to figure out your income tax liability. If you fail to file by the regular due date (4th month of the 15th day) it may lead to huge penalties. However, the IRS understands there comes some uncertain circumstances, where you cannot file your return on time and allows you to file an Extension form called Form 7004 to get an additional time to file your return without any penalties.

Well, reading this article, you will come to know,

1. What is Form 7004?

2. Who can file form 7004?

3. The due date to file Extension Form 7004?

4. How to complete and file Form 7004?

Form 7004

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

Properly filing the Business tax extension form 7004 to the IRS gives you an automatic 6-month time to file your income tax returns without asking you for any explanation why you need an extension of time.

Please note, Filing form 7004 will only extend the time to file the return 1120 and NOT the time to pay your tax. You must pay your tax by the IRS’s regular due date (April 15, 2021) to avoid penalties and interests.

Who can file form 7004?

Form 7004 is a straightforward application which businesses of all types can use:

• C-Corporations

• S-Corporations

• Partnership

• Multi-member LLC as Corporation

• Multi-member LLC as Partnership

• Trust, Estates, and Others

Due date to file form 7004

The extension form due date is the same as your return’s regular due date (April 15, 2021). If you need more time to prepare and file your corporate tax return 1129, you must E-file form 7004 on or before April 15, 2021.

Filing this form allows you to get an automatic extension of time up to 6 months to file your income tax return 1120 from April 15, 2021, to October 15, 2021.

How to Complete and File Form 7004?

You can complete and file Form 7004 to the IRS using any one of the following methods:

• Paper Filing

• Electronic filing

If you choose to paper file, complete and send your form 7004 to this mailing address. But when you paper file, it takes more time to prepare and receive the IRS acknowledgment compared to electronic filing.

As electronic filing allows you to instantly get your application’s status and at the same time, the IRS also suggests the tax filers to submit the form electronically for a secure and quick filing.

• Step by step line Instructions to complete IRS Form 7004

To complete Form 7004 you need the following information.

• 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, here are the step-by-step instructions you need to follow to file Form 7004 to the IRS to get an extension of time to file the income tax return 1120.

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 appropriate form code in the boxes shown on line 1 to indicate the type of return (1120) for which you are requesting an extension. For form 1120, enter 12 in the box.

Part-II: All Filers Must Complete This Part

Line 2: If your office or place of business is out of the U.S and requesting an extension of time to file the income tax return, you must check the box on line 2.

As you are out of the country, you get an extra 2 -months to file Form 7004 by the due date of the return (the 15th day of the 6th month following the close of the tax year) to request an extension.

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 whose due date by 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, then complete the lines showing the beginning and end dates for the tax year.

Line 5b. If your business has a short tax year, 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

If you are looking to e-file form 7004 to the IRS, choose an IRS-authorized e-file who can file accurately and securely with the IRS.

Such an IRS-authorized e-file provider is ExpressExtension that walks you through a step by step process to apply an extension of time to file your Business tax extension form 7004 to the IRS.

Once you transmit through ExpressExtension, you will also get an instant IRS approval and automatic extension up to 6 months without any explanation.

In case your transmitted Extension is rejected, we also help you to correct and re-transmit it for FREE.

So, what are you waiting for? Get started today with ExpressExtension to file form 7004.