File your 1120 Extension form 2020 Tax Year

Are you a 1120 tax filer looking for an extension of time to file your return? Then relax, you're at the right place. Every year, the IRS asks you to file an 1120 return to determine your business total tax liability. If you fail to do so, you may result in paying huge penalties. However, we understand, not every year and the date would be the same cheerful day, there may be some difficult situation with reasonable cause. In such cases, you can look for an 1120 extension which gives you an automatic extension of time to file your return without any penalty. However, the interest is still applicable.

1120 Extension

To get an automatic extension of time to file your business income tax return 1120, you need Form 7004. It is an application you need to fill and transmit to the IRS on or before the due date.

Filing the 1120 extension form 7004, you will get an automatic 6-month extension of time to file your income tax returns.

Who can File 1120 Extension?

1120 extension Form 7004 is can be filed by businesses of all types:

• C-Corporations

• S-Corporations

• Partnership

• Multi-member LLC as Corporation

• Multi-member LLC as Partnership

• Trust, Estates, and Others

How to File 1120 Extension?

You can complete and file corporate tax Extension to the IRS either through paper or electronic filing method.

If you choose a paper file, fill in the required information in the form 7004 and send it to the mailing address mentioned here. Remember when you paper file, it takes more time to receive the IRS acknowledgment and difficult to make corrections.

While electronic filing allows you to instantly get your application’s status and you can also make corrections without any difficulty.

• 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.

Is there a penalty if filing 1120 Extension late?

Generally, there is no penalty for not filing the Extension form7004 with the IRS, as it is a form that business owners can use, if they need.

In case, you plan to file an 1120 extension form to get an automatic extension of time to file your business tax return, you must file it on or before the tax return due date. If you file a return after the due date, you incur a penalty from the IRS.

The IRS will charge 0.5% of 1% of your tax for every month that you fail to make a payment. The penalty can go up to a maximum of 25%, unless you can show reasonable cause for not filing on time.

Due date to file Form 1120 Extension

The 1120 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 1120, you must file your extension form7004 on or before April 15, 2021.

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

E-file Form 7004 with ExpressExtension

If you are really in the need of filing a 1120 extension to extend your due date, get in touch with ExpressExtension. We are an IRS-authorized e-file service provider where you can file your 1120 extension form 7004 quickly and easily.

Just follow the below steps to complete your business tax extension online:

• Step 1: Enter your business details.

• Step 2: Choose the Form and your business entity type.

• Step 3: Enter your tax payment details

• Step 4: Review and Transmit your Form 7004 to the IRS.

Once you transmit through ExpressExtension, you will get an instant IRS approval. In case your transmitted Extension is rejected, we also help you to correct and re-transmit it for FREE.

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