What is IRS Form 7004?
A complete guide to help businesses better understand Form 7004, its filing requirements, and more!
IRS Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns
- Updated March 01, 2023 - 8.00 AM Admin, ExpressExtensionAs a business owner, you know that meeting your IRS tax filing deadlines is crucial to maintaining your IRS compliance. However, if you need more time to complete business tax returns, you have the option to file Form 7004.
Here, you will find an overview of all the information needed to successfully file business tax extension Form 7004.
Table of Contents
What is Form 7004?
Form 7004 is a tax extension form that businesses can use to get an automatic extension of up to 6 months from the IRS to file their business tax returns.
It is important to note that this extension applies only to your tax return, and you will still need to estimate and pay your tax liability (if any) on the original filing deadline.
Note: The extension is automatic, and the IRS doesn’t require you to provide any explanation or reason for requesting it.
Who can File Form 7004?
Form 7004 can be filed by businesses that need more time to file their annual tax return. This includes,
- S - Corporations
- C - Corporations
- Partnerships
- Multi-member Limited Liability Companies
- Certain Estates and Trusts
- Other Businesses
Which Business Tax Returns does Form 7004 Apply to?
Form 7004 can be used to extend the filing deadline for any of the
following 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
When is The Deadline To File
Form 7004?
Form 7004 must be filed on or before the deadline of the business tax return for which the extension is required.
- For certain tax returns (Example: 1065, 1120-S) - The deadline to file Form 7004 is the 15th day of the 3rd month after the organization’s
tax year ends.- If your organization follows a calendar tax year, the deadline for the 2022 tax year is March 15, 2023.
-
For certain tax returns (Example: 1120, 1041) - The deadline to file Form 7004 is the 15th day of the 4th month after the organization’s
tax year ends.- If your organization follows a calendar tax year, the deadline for the 2022 tax year is April 18, 2023.
Note: If the due date falls on a Saturday, Sunday, or a federal holiday, the next business day will be the deadline.
How do I Complete Form 7004?
Form 7004 is comprised of 2 parts.
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 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.
- 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.
To know more about the Form 7004 Instructions, Visit: https://www.expressextension.com/form-7004-instructions/
Part I:
- In this part, you will find a list of form codes, you are required to enter the code corresponding to the type of form that you are requesting an extension of.
- If you are filing an extension for Form 1065, enter the
code 09 - If you are filing an extension for Form 1120, enter the code 12
Example:
Part II
- In this part, you will have a series of questions related to your organization type, tentative total taxes, total payments, and credits.
For more information on how to complete Form 7004, visit: https://www.expressextension.com/form-7004-instructions/
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.
You can e-file your Form 7004 with ExpressExtension in minutes!
What is the Penalty for Not Filing Form 7004?
There are no specific penalties for not filing Form 7004. Only the penalties for failing to file your business tax return within the deadline may apply.
Penalties may be imposed for failing to complete tax payments (if any) within the deadline. Since Form 7004 only extends the tax filing deadline, you must make your estimated tax payment on or before the deadline to avoid paying penalties.
The IRS will charge 0.5% of your tax dues for every month that you fail to make a payment, and the maximum penalty is 25%.
Note:The IRS may waive your penalty if you provide a reasonable cause for not paying the taxes due within the deadline.
Where should I Mail Form 7004?
If you choose to file a paper copy of Form 7004, you will need to fill out the form and mail it to the IRS.
The IRS mailing address will differ depending on which form you are requesting an extension for.
Click here to find out more information about the Form 7004 Mailing Addresses.
Choose ExpressExtension to File your Form 7004 in Minutes
ExpressExtension, the #1 IRS e-file provider of tax extensions, is a great option for completing your extension form in minutes.
Our user-friendly application allows you to file your extension with ease and accuracy. You are able to file conveniently from any device, and any rejected forms can be corrected and retransmitted at no additional
cost to you!
Recent Blogs
Helpful Videos
See why our customers choose us year after year
ExpressExtension - The Smart Business Owners Choice
Easy Navigation!
Easy navigation and the information from last year is saved into the system so that I don’t have to type it all in again.
User-Friendly and Fast!
The auto form. Love it! Your site is very user friendly and fast! One chore on my list made easy.
Easiest way to manage filings!
This is absolutely the easiest way to manage tax filings for a small business. We have used Express Extension for 1099s and extensions, and it takes all the pressure out of the process.
Quick and Easy!
Storing my info from past so the process is quick and easy and I did not have to look up anything in my records to complete.
Resourceful!
User friendly, information regarding state extensions is readily available. I'm very appreciative that the site is resourceful.
Very Supportive!
Always an excellent experience, so easy to use and understand..very supportive and service oriented!
Works Great!
Very easy to use, clear instructions, phone numbers and social security numbers pre-fill with dashes in the right places. It all works just great. I did not use customer service or support.
Self Explanatory!
This was the first time that I used your service. The process was very easy and self-explanatory.
Easy to Use
Convenient and easy to use. Also love the email and text features, Thorough process, Sound explanations for each stage (help texts), payment options and Dashboard.
