Instructions to File IRS Form 7004- Updated September 05, 2023 - 8.00 AM Admin, ExpressExtension
All types of businesses are required to file income tax returns with the IRS annually to disclose financial information.
Businesses may need additional time to complete their tax returns for a variety of reasons, the good news is that the IRS allows them to request an automatic extension of
up to 6 months.
This guide provides simple, step-by-step instructions for filling out and submitting the Form 7004 Business Tax Extension for the 2023 tax year.
Deadline to File Form 7004
In general, the deadline to file Form 7004 is the same as the original deadline for the tax form you are filing the extension for.
For example, if you are an S-Corporation operating on a calendar tax year and need more time to file Form 1120-S, you must file Form 7004 on or before March 15, 2024, to get an approved extension of time.
Similarly, if you are a C-Corporation operating on a calendar tax year and need more time to file Form 1120, you must file Form 7004 on or before April 15, 2024, to get an approved extension of time.
Does your business operate on a fiscal year rather than the calendar year? Determine your deadline here!
Step-by-Step Instructions to Complete Form 7004
IRS Form 7004 has two parts:
- Part-I: Automatic Extension for Certain Business Income Tax, Information, and Other Returns.
- Part-II: All Filers Must Complete This Part
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 represent the type of return for which you are requesting an extension.
For example, if you are filing an extension for Form 1120, enter code 12. If you are filing an extension for Form 1120S, enter code 25.
Part-II: All Filers Must Complete This Part
- Line 2: If you have an office or a place of business outside the U.S. and are requesting an extension of time to file the income tax return, you must check the box.
- Line 3: Check the box if you are the common parent or agent of a consolidated group requesting an extension of time to file the group's consolidated return. If “Yes”, include a statement describing the name, address, and employer identification number (EIN) for each member.
- Line 4: Certain Corporations and Partnerships are eligible for an automatic extension of time to file and pay under Regulations section 1.6081-5. Check the box if you are a corporation or partnership qualified under Regulations section 1.6081-5.
- Line 5a: If your business does not follow a calendar tax year, then provide the beginning and end dates of its tax year.
- Line 5b: If your business has a short tax year, Check any one of the applicable boxes on line 5b to indicate 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 total balance due to the IRS for the tax year. Extension Form 7004 does not extend the time to pay tax.
How do I File Form 7004?
Form 7004 can be filed on paper or electronically. However, the IRS encourages businesses to choose e-filing for quicker and more efficient processing.
E-file Your Form 7004 Efficiently with ExpressExtension!
ExpressExtension provides you with an ideal solution for e-filing 7004 with ease and accuracy. Our application walks you through the form step-by-step for your convenience, allowing you to complete your extension in minutes.
ExpressExtension also gives you the option to submit your tax payment along with Form 7004 to the IRS via Electronic Funds Withdrawal (EFW) or the Electronic Federal Tax Payment System (EFTPS).
Simply create a free ExpressExtension account today to get started! You can complete your extension in minutes, and you only pay when you transmit it to the IRS.
Follow these steps to complete your business tax extension form 7004 using ExpressExtension:
- Enter your business details.
- Choose Form 7004 and select the form for which you need an extension.
- Enter your tax payment details
- Review and Transmit your 7004 Form to the IRS.
- Once filed, you will get instant updates from the IRS. In case your extension gets rejected, will also help you correct and retransmit it free of cost!
Helpful Videos on Form 7004 Instructions
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