IRS Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns

- Updated Ju1 01, 2020 - 8.00 AM - Admin, ExpressExtension

As a business owner in the U.S, you must file a business income tax return with the IRS each year. For corporate business entities this form is the Form 1120.

With so much going on in the world, businesses may find it difficult to meet the upcoming deadline. If this is the case, the IRS offers the option of filing an extension Form 7004.

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What is Form 7004?

The Form 7004 is an automatic IRS extension form that allows businesses more time to file their income tax returns.

If your business has felt the effects of COVID-19 and you need additional time to get your affairs in order and gather critical information needed to complete your tax return, an extension may be a great option for you.

It is important to note that this extension applies only to your tax return, you will need to estimate and pay your tax liability on July 15, 2020 to avoid any penalties.

Under normal circumstances, this is generally a six month extension. Since the IRS has delayed the deadline until July 15, 2020 your business will have an additional time, bringing your deadline for filing out to October 15, 2020.

Who Must File Form 7004?

The Form 7004 is designed specifically for business income tax returns. To see the complete list of forms that the Form 7004 can be applied to check out the next section of this article.

Which Forms Does The Form 7004 Extend?

The Form 7004 applies to the following IRS Tax Forms

  • Form 706-GS(D)
  • Form 1041-N
  • Form 1065
  • Form 1120-C
  • Form 1120-H
  • Form 1120-PC
  • Form RIC
  • Form 3520-A
  • Form 8725
  • Form 8876
  • Form 706-GS(T)
  • Form-QFT
  • Form 1066
  • Form 1120-S
  • Form 1120-L
  • Form 1120-POL
  • Form 1120S
  • Form 8612
  • Form 8804
  • Form 8924
  • Form 1041
  • Form 1042
  • Form 1120
  • Form 1120-FSC
  • Form 1120-ND
  • Form REIT
  • Form 1120-SF
  • Form 8613
  • Form 8831
  • Form 8928

With the exception of Forms 8612, 8613, 8725, 8831, 8876, and 706-GS(D) you can file the Form 7004 electronically.

What Is The Deadline To File Form 7004?

The IRS requires you to file the Form 7004 on or before the deadline of the form that you wish to extend.

Usually this deadline would be April 15, 2020. However due to COVID-19 the IRS has extended this deadline to July 15, 2020. Yes, you are still able to file an extension beyond this adjusted deadline, as long as you file Form 7004 and make estimated tax payments on or before July 15, 2020.

How Do I File Form 7004?

There are usually two options when it comes to filing your Form 7004. The IRS allows you to file your Form by paper or electronically.

However, due to the effects of the pandemic and the need to protect IRS workers, the IRS is strongly encouraging all filers to file their tax returns electronically. The IRS is processing paper returns at a highly reduced rate due to COVID-19 and they have had to make modifications for their services and support. Therefore, you should file this Form electronically. Don’t worry, filing this form electronically is a smoother process with many benefits which we will get into later in this article.

What Are The Components of Form 7004?

The Form 7004 is a fairly straightforward form to complete. Apart from providing your basic information such as your legal name, TIN, and address, there are only 2 parts and 9 lines to complete. Here is a quick breakdown of each line:

Part I

Line 1- To complete line 1, simply look at the list of applicable forms and enter the corresponding code for that form on line 1. For example, Form 1120 is code 12.

Part II

Line 2 - Foreign corporations without a location in the U.S will be required to check the box. If you are a domestic corporation, simply skip this and keep moving.

Line 3 - If your organization is a parent organization you will need to check the box and attach the required documentation.

Line 4 - If your business entity qualifies under section 1.6081-5, you will need to check the box.

Line 5a - Indicate the beginning and end date of your tax year.

Line 5b - If you experience a short tax year indicate the reason why. For example, if your business closed within the tax year and this will be your final return.

Line 6 - Enter your estimated tax payments.

Line 7 - Enter your total payment amount with credits.

Line 8 - Subtract line 7 from line 6 for your total balance due.

What is the penalty for late filing of Form 7004?

There is no penalty for not filing the Form 7004 as it is a form that business owners can elect to file but it is not required. However, the IRS will not grant an extension to those who fail to file the extension before the original deadline of the form they wish to extend.

The penalties will come into play in relation to your tax payment. Since the Form 7004 only applies to the tax return, you must make your estimated tax payment on or before the deadline to avoid paying penalties. The IRS will charge .5% of your tax for every month that you fail to make a payment. The penalty cap is 25%. The IRS may waive your penalty if you can prove that you had a justifiable reason for not paying, however this is a long shot for most filers.

Where should I mail Form 7004?

Again, the IRS is currently asking that all tax returns be filed electronically. Generally these are the mailing addresses where you should mail your Form 7004.

Send your Form 7004 to this address if:

  • You are filing Form 706-GS(D) or Form 706-GS(T)
  • You are filing Form 1041-QFT, 8725, 8831, 8876, 8924, 8928
  • You are filing Form 1065, 1120, 1120-REIT, 1120-RIC, 1120S, 8612, or 8613 in the following states and have under $10 million in assets:
  • (Connecticut, Delaware, District of Columbia, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia, Wisconsin)
  • You are filing Form 1120-H or Form in the following states:(Connecticut, Delaware, District of Columbia, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia, Wisconsin)
Department of the Treasury
International Revenue Service Center
Kansas City, MO 64999-0019

Send your Form 7004 to this address if:

  • you are filing Forms 1066, 1120-C, 1120-PC in the U.S
  • You are filing Form 1065, 1120, 1120-REIT, 1120-RIC, 1120S, 8612, or 8613 in the following states and have over $10 million in assets: (Connecticut, Delaware, District of Columbia, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia, Wisconsin)
  • You are filing Form 1065, 1120, 1120-REIT, 1120-RIC, 1120S, 8612, or 8613 in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Hawaii, Idaho, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, Wyoming
  • If you are filing Forms 1041-N, 1120-POL, 1120-L, 1120-ND, 1120-SF
Department of the Treasury
Internal Revenue Service Center
Ogden , UT 84201-0045

Send your Form 7004 to this address if:

  • You are filing Forms 1041, 1120-H from a foreign country or U.S possession
  • You are filing Forms 1042, 1120-F, 1120-FSC, 3520-A, 8804
  • You are filing Forms 1066, 1120-C, 1120-PC from a foreign country or U.S possession
  • You are filing Forms 1065, 1120, 1120-L, 1120-ND, 1120-REIT, 1120-RIC, 1120S, 1120-SF, 8612, 8613 from a foreign country or U.S possession
Internal Revenue Service
P.O. Box 409101, Ogden, UT 84409

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