Instructions to File IRS Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns- Updated December 07, 2022 - 8.00 AM Admin, ExpressExtension
Every business in the U.S. must report the income and expense annually with the IRS.
In case you need more time to file your 1120 tax return, you can use Form 7004 and get an automatic extension period of 6 months.
What is the purpose of IRS Form 7004?
The Form 7004 serves as a request for additional time to file business tax returns. This form is an automatic extension of time when filed properly with the IRS and the estimated tax payment is submitted.
When is the deadline for filing Form 7004?
The Form 7004 is not required, therefore it has no set deadline of its own. The deadline to file this extension form is based on the form that you wish to extend. The Form 7004 must be filed on or before the original deadline of the form for which you are requesting an extension. For example if you are filing Form 1120 for corporations, you must file Form 7004 on or before April 18, 2023.
Form 7004 Instructions
IRS Form 7004 can be filed either through paper or electronically filing methods.
When you choose a paper filing option, the IRS takes longer to process your request, and you won't receive an acknowledgment at the same time. This is why the IRS itself strongly recommends every business that decides to file IRS form 7004 opt for electronic filing option.
This will help you to get an instant update of your filing status. In case of any errors, you can also be able to make corrections without any difficulty.
If you're wondering how to fill out form 7004, below you will find the step by step Form 7004 instructions that help you to complete and file Form 7004 for the 2022 tax year without any hassle.
Step-by-step Form 7004 Instructions
According to the IRS guidance for filing Form 7004, you will need to follow the below 7004 instructions for a better & Error free filing experience. These are the basic information to complete and file your form 7004 with the IRS.
- Your Business Details such as Name, EIN, and Address
- Type of business (Corporation, Partnership, estates, etc)
- Type of Forms for which the extension is filed
- Tax Year details: Calendar or Fiscal Year
When you have the above information that matches with the IRS records, let’s look at the step-by-step instructions on how to fill 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
Instructions to complete Form 7004 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.
Instructions to complete Form 7004 Part-II: All Filers Must Complete This Part
- Line 2: If your office or place of business is out of the U.S and requesting an extension of time to file the income tax return, you must check the box on line 2. As you are out of the country, you get an extra 2 -months to file 7004 form by the due date of the return (the 15th day of the 6th month following the close of the tax year) to request an extension.
- Line 3: Check the box on line 3, if you are the common parent or agent of a consolidated group requesting an extension of time to file the group's consolidated return.
- Line 4: Check the box on line 4, if you are certain foreign, domestic corporations or partnerships whose due date falls on the 15th day of the 6th month following the close of the tax year.
- Line 5a: If you do not use a calendar tax year, then complete the lines showing the beginning and end dates for the 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 balance due amount, you need to pay for the tax year. Extension Form 7004 does not extend the time to pay tax.
Can I File Form 7004 Electronically?
Yes. Filing the Form 7004 is a great option that will likely speed up the process. As a matter of fact, given the current circumstances, the IRS is strongly encouraging everyone to e-file their forms with the IRS rather than mailing in paper forms.
After all, there are many benefits to filing electronically including an increased accuracy and more efficient time frame.
How Do I File With ExpressExtension?
Filing with ExpressExtension will allow you to e-file 7004 with ease and accuracy. Our software will walk you through the form using an interview style process for your convenience. This allows you to complete your extension in minutes.
ExpressExtension also gives users the option to submit their 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 pay only when you transmit to the IRS. We help you through the process start to finish, if your extension is rejected you can correct and retransmit it for free.
Just follow the below steps to complete your business tax extension form 7004 using ExpressExtension:
- Enter your business details.
- Choose Form and your business entity type.
- Enter your tax payment details
- Review and Transmit your 7004 Form to the IRS.
Once filed, you will get instant approval from the IRS. In case your extension gets rejected, will also help you correct and retransmit it for free of cost!
Helpful Videos on Form 7004 Instructions
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Very easy to navigate and complete in a relatively short period of time. I was notified via email that the extension request was accepted by the IRS within seconds of submitting the form. Really, Seconds not Minutes.
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