IRS Tax Form 7004 is an application you can file to get an automatic tax extension for certain business-related taxes, information, and other returns.
For S-corporations, multi-member LLCs, partnerships, estates, and trusts, IRS Form 7004 is a tax extension application that they can use to request additional time to file their annual tax return. If you realize that you cannot file your business income tax return by the original due date (typically March 15), you should submit IRS Form 7004 by that date to receive a 6 month extension. A business tax extension can be obtained by filling out the paper application form and mailing it to the IRS. You can also e-file Form 7004 online if you prefer the convenience of electronic filing. C-corporation tax returns are due on the same day as personal tax returns (typically April 15). Single Member LLC's are treated as sole proprietorships for income tax purposes and business profit and losses are reported on Schedule C of the individuals Form 1040. Operators of Single member LLC's should file IRS Form 4868 to obtain an Individual Tax Extension.
IRS Form 7004 is divided into 3 major parts. While filling out Part III is mandatory for everyone, Part I and Part II need to be completed depending on the type of business return you are requesting the extension for. Business tax extension Form 7004 will extend your filing due date for the following Federal tax returns:
• Tax Form 706-GS(D), Tax Form 706-GS(T), Tax Form 1041 (estate other than a bankruptcy estate), Tax Form 1041 (trust), Tax Form 1041 (bankruptcy estate only), Tax Form 1041-N, Tax Form 1041-QFT, Tax Form 1042, Tax Form 1065, Tax Form 1065-B, Tax Form 1066, Tax Form 1120, Tax Form 1120-C, Tax Form 1120-F, Tax Form 1120-FSC, Tax Form 1120-H, Tax Form 1120-L, Tax Form 1120-ND, Tax Form 1120-ND (section 4951 taxes), Tax Form 1120-PC, Tax Form 1120-POL, Tax Form 1120-REIT, Tax Form 1120-RIC, Tax Form 1120S, Tax Form 1120-SF, Tax Form 3520-A, Tax Form 8612, Tax Form 8613, Tax Form 8725, Tax Form 8804, Tax Form 8831, Tax Form 8876, Tax Form 8924, or Tax Form 8928.
For most business returns, IRS Form 7004 can be filed electronically to obtain a tax extension. However, there are certain business tax returns for which an extension MUST be requested via paper mail — including Tax Forms 8612, 8613, 8725, 8831, 8876, and 706-GS(D).
Another thing to remember is that filing IRS Form 7004 will only extend your filing deadline, not your payment deadline. You are still expected to pay your business taxes by the original due date of your return. When you request an extension, you'll need to provide an estimate of what you owe the IRS. While paying taxes with your extension application is not required, it is highly recommended if you want to avoid late fees and penalties. Here at TaxExtension.com, you can choose to pay all or none (or even some) of your Federal taxes using Electronic Funds Withdrawal (EFW) directly from your bank account.
TaxExtension.com supports taxpayers with foreign addresses who are living and/or working overseas. Regardless, there are certain exceptions when it comes to foreign businesses that have no U.S. location, as well as some domestic companies and partnerships.
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