Things to know before submitting an 1120-S and 1065 Form extension.
March 15th is when many companies that use the calendar tax year send in their income tax returns to the IRS The most common types are partnerships (which file Form 1065) and S-corporations (which file Form 1120-S). It will be better to file Form 7004 for an extension if you are not ready to file your business tax return by the deadline
What is Form 7004? Can S-Corps and Partnerships file it?
Businesses can request an automatic extension from the IRS for up to six months to file their income tax returns by completing Form 7004, which is a company tax extension form
If your business is a partnership or an S-corporation that follows the calendar tax year, you have until March 15, 2024, to electronically file Form 7004 with the IRS to request an extension
Why do you need to file an Extension?
Filing an extension form will be a terrific option if you are rushing to file your business tax returns or if you are unable to prepare them This is due to the possibility of making mistakes in your return and incurring unwarranted fines if you rush to file your form.
You can avoid paying fines and get a little extra time to get ready by filing Form 7004
Information Required to File Form 7004:
The following details are required when you are about to file form 7004:
● Your business structure (partnership, S-corporation, etc.).
● Your basic business details, such as name, EIN, and address.
● The beginning and ending dates of the tax year
● The tax form for which you're asking for an extended deadline
● Your estimated tax payment, if applicable
To know more on how to fill out Form 7004, visit here.
Does Form 7004 Provide More Time to Make Tax Payments?
No! The extension form only applies to tax filings, and the deadline remains unchanged for overdue taxes. Even if you get your extension for 6 months, you still need to pay the taxes to the IRS for the current tax year (2023) within the original deadline. You will be penalized if you fail to make tax payments within the original deadline.
How to File Form 7004?
Form 7004 can be filed on paper or electronically to the IRS. However, the IRS encourages businesses to e-file 7004 for quicker processing.
E-file Form 7004 with ExpressExtension!
You can easily file your form 7004 with ExpressExtension, an authorized IRS e-file provider.
If the IRS rejects your 7004 Form as a duplicate filing, you can get reimbursement for filing fee under the Express Guarantee.
If you are required to file a state extension, ExpressExtension supports that, too.
For a simpler and more stress-free filing experience for S-Corporations and Partnerships, getting started with ExpressExtension to E-file 7004 can be an ideal choice!