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IRS Form 7004 – Automatic Extension to file Business Tax Return

Business people face some complications or battle the financial records at times. Hence, they need an extension at times to set things right. The tax deadline is approaching, and those not ready for tax filing should know about IRS form 7004. Here are a few insights about IRS form 7004 for business tax extensions. 

What is IRS 7004?

The IRS form 7004 helps in extending the time for filing business income tax returns. It is an application for the automatic extension of time for partnership business returns, corporations, partnerships with multiple-member LLC, or S corporations. By filing form 7004, the business assures of the deadline extension. For completing form 7004, it is essential to fill an appropriate estimation of the tax due correctly and file within the deadline. 

Necessary Details to Fill Form 7004

The most simple tax form available from IRS is the form 7004. For establishments to enjoy extension, few brief details are essential. The filing initiates with a tax identification number, address, and name. An employee ID number and tax ID numbers are necessary. Filling these details according to the category of business is vital. 

  • S corporations code 25
  • Corporations code 12
  • Partnerships code 09 

The foreign business status is a crucial detail required in Form 7004. Businesses may be foreign corporations or domestic corporations processing accounts outside the US. Filling such appropriate particulars are necessary for tax extensions. If either of these scenarios is true, then the business qualifies for a regulation section with IRS code 1, 6081-5. 

If your organization is planning for a short tax year, mentioning it is crucial. Businesses lacking year details need to fill in the start and end dates for the tax year. There are also provisions in the box to state the reason for experiencing a short tax year. 

Form 7004 also mandates you to fill the total tax amount with the anticipated tax amount payable to the IRS. A good piece of advice is to review instructions to know the appropriate tentative tax amount.  You also need to fill in the refundable credits and total payments. 

Due Dates for Corporations

For businesses falling under S corporations, the extension deadline is the 15th day of the 3rd month after completing the tax year. C corporations have a deadline extension 15th day of the 4th-month for the end of the tax year. The deadline for form 7004 falls on the 15th day of the 3rd-month for partnership businesses. 

Can form 7004 be e-filed?

There are two ways to file form 7004, either e-file or by mail. For businesses without tax specialists can opt for an e-filing method for filing returns. The e-filing option is simple as the system offers you a provider from the list. 

For a better filing experience for extensions with form 7004, businesses can opt for tax2efile.com. The platform is hassle-free and user-friendly for any individual to e-file for 7004 for a business tax extension. E-filing Form 7004 with tax2efile.com is easy by entering few necessary details. A notification is sent immediately regarding the status of the Form. Being an IRS-authorized platform, e-filing with tax2efile.com has no complications. 

 

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