File Form 7004 to extend your business's tax deadlines.
It can be difficult to comprehend and manage corporate taxes, particularly when deadlines are drawing near and additional time is required. If you miss the tax deadline, you may be eligible for a tax extension. At this point, the IRS won't ask you any questions when you file for the extension using Form 7004.
Recall that this is not an extension for paying your taxes—that is, the amount you owe the IRS but rather for filing your taxes. If you are granted an extension, you still have to pay your estimated taxes by the original deadline. If you don't make your payment on time, you will be assessed a late fee.
To learn more about Form 7004, its deadline, filing procedures, and other topics, read this blog.
Now let's get started.
What is Form 7004?
Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns, is a form that allows businesses to request an automatic 6-month extension for filing their income tax returns. Form 7004 applies to tax returns for
partnerships, corporations, and S-corporations that require more time to file their returns.
The key benefits of filing Form 7004 with the IRS include:
● You gain additional time to file your tax returns without penalties.
● You can avoid rushed tax filings that can lead to errors.
● You have more time to gather the appropriate information, prepare for it, and complete your filing accurately.
Businesses that need more time to file their tax returns should consider filing Form 7004 to request an extension of time. This includes,
● Partnerships
● C corporations
● S corporations
● Limited liability companies (LLC)
● Estates and Trusts
Except for sole owners, who are regarded as single individuals and must pay their taxes with the IRS using Form 1040, all business entity types
Who needs to file Form 7004? Who should not File Form 7004?file Form 7004. Instead, they need to submit Form 4868 in order to get an extension.
Form 1041-A, an information return used by certain organizations to record philanthropic information, is another exemption. You must file Form 8868 in order to request an extension for Form 1041-A.
Note: that you don't have to include a signature when you file 7004 online. To learn more about 7004 instructions, click here.
Which forms are eligible for an extension through the submission of Form 7004?
It's vital to remember that not all tax forms qualify for Form 7004 filing extensions. The business tax forms listed below are those that can be filed on Form 7004 to request an extension from the IRS. These forms include:
● Form 706-GS(D), Generation-Skipping Transfer Tax Return for Distributions
● Form 706-GS(T), Generation-Skipping Transfer Tax Return for Terminations
● Form 1041, U.S. Income Tax Return for Estates and Trusts
● Form 1041-N, U.S. Income Tax Return for Electing Alaska Native Settlement Trusts
● Form 1041-QFT, U.S. Income Tax Return for Qualified Funeral Trusts
● Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons
● Form 1065, U.S. Return of Partnership Income
● Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return
● Form 1120, U.S. Corporation Income Tax Return
● Form 1120-C, U.S. Income Tax Return for Cooperative Associations
● Form 1120-F, U.S. Income Tax Return of a Foreign Corporation
● Form 1120-FSC, U.S. Income Tax Return of a Foreign Sales Corporation
● Form 1120-H, U.S. Income Tax Return for Homeowners Associations
● Form 1120-L, U.S. Life Insurance Company Income Tax Return
● Form 1120-ND, Return for Nuclear Decommissioning Funds and Certain Related Persons
● Form 1120-PC, U.S. Property, and Casualty Insurance Company Income Tax Return
● Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations
● Form 1120-REIT, U.S. Income Tax Return for Real Estate Investment Trusts
● Form 1120-RIC, U.S. Income Tax Return for Regulated Investment Companies
● Form 1120S, U.S. Income Tax Return for an S Corporation
● Form 1120-SF, U.S. Income Tax Return for Settlement Funds (Under Section 468B)
● Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner
● Form 8612, Return of Excise Tax on Undistributed Income of Real Estate Investment Trusts
● Form 8613, Return of Excise Tax on Undistributed Income of Regulated Investment Companies
● Form 8725, Excise Tax on Greenmail
● Form 8804, Annual Return for Partnership Withholding Tax (Section 1446)
● Form 8831, Excise Taxes on Excess Inclusions of REMIC Residual Interests
● Form 8876, Excise Tax on Structured Settlement Factoring Transactions
● Form 8924, Excise Tax on Certain Transfers of Qualifying Geothermal or Mineral Interests
● Form 8928, Return of Certain Excise Taxes Under Chapter 43 of the Internal Revenue Code
The filing deadline for Form 7004 for the 2023 tax year varies based on the kind of tax return that is being extended. Form 7004 must be filed by the same deadline as the business tax return for which an extension is necessary.
The following dates apply to the IRS Form 7004 deadline for the 2023 tax year:
March 15, 2024 is the deadline for filing Form 7004 for tax returns such as 1065, 1120-S, and more.
The deadline to file Form 7004 for tax returns, including 1120, 1041, and other forms, is April 15, 2024.
As mentioned above, it is important to note that filing Form 7004 does not extend the deadline for paying any taxes owed. Businesses must still pay any taxes owed by the original due date of the tax return to avoid penalties and interest.
Where should I mail Form 7004?
If you choose to file Form 7004 on paper, you must fill out the form and mail it to the IRS. The IRS mailing address for Form 7004 depends on the following Factors:
● It varies depending on the type of tax return for which you are requesting an extension.
● The State where your principal business office or agency is located.
● The value of your asset(s) at the end of the tax year.
To know more about the 7004 mailing address, click here.
How to file Form 7044?
IRS Form 7004 can be filed on paper or electronically with the IRS. When you E-file 7004, you will receive IRS status notifications; when
you file on paper, you will not. There are many advantages to e-file Form 7004 instead of submitting paper copies to the IRS. Thus, the IRS recommends filing 7004 online for a quicker processing time.
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