Form 7004

Form 7004 is a tax document used by businesses who want to receive an automatic extension of time to file their taxes for the year. It is also known as an Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. This form allows businesses to receive a five or six month extension. However, to be granted the automatic extension, the business must meet certain criteria. It is important for businesses to know that if they are granted the extension, they must pay their taxes owed by that date.

What is a Form 7004?

A Form 7004 is also known as an Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. The form is related to tax filing in the United States and will be received and recorded by the Internal Revenue Service. Filing this form will allow a business to get an extension on the date they have to file their taxes by. While the date to file the forms will be pushed back, the business must still pay their owed taxes on time.
Businesses can use this form to apply for a 5 month or 6 month extension. They must meet certain qualifications in order to get an extension from the IRS. The extensions can also only be requested for certain tax forms. You will need to identify these forms on the application. The business will also need to include a rough estimate of their taxes owed for the year. This will ensure that the payments made will be as accurate as possible.

How to file

You must file Form 7004 by the due date of your business tax return.  The extension is automatic; you do not have to wait to be approved.

Corporation tax returns are due on the 15th day of the fourth month after the end of the company’s fiscal year.  If a corporation’s fiscal year ends on December 31, it must file and pay its taxes or file for an extension by April 15.

For partnerships and multiple member LLCs, tax returns are due on the 15th day after the third month after the end of the partnership’s fiscal year.  Tax returns for S corporations are due on the same date that the owners’ tax returns are due.

Form 7004 does not extend the time for payment of tax.  You must pay estimated taxes due by your tax return due date, otherwise you may be subject to fines and penalties.

You can file Form 7004 by mail or through e-filing.

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