Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns is the tax form used for requesting an extension on business returns. The Internal Revenue Service allows businesses to file an extension on their tax returns the same way it allows individuals. A business of all tax classifications can request an extension to get more time to file returns. In this article, we’ll provide you with the instructions to file Form 7004 for the 2022 – 2023 taxes, so you can get more time to prepare to file the return for your business.
You can file Form 7004 to get an extension of up to six months to file the following tax returns.
- Form 706-GS(D)
- Form 706-GS(T)
- Forms 1041
- Form 1041-QFT
- Form 1042
- Form 1065
- Form 1066
- Forms 1120
- Form 3520-A
- Form 8612
- Form 8613
- Form 8725
- Form 8804
- Form 8831
- Form 8876
- Form 8924
- Form 8924
Form 7004 is simple to fill out
Form 7004 is as simple as it comes. Form 7004 extension filing shouldn’t take you more than ten minutes to file altogether. All you need to do when filling out a copy is to enter the return you’re requesting an extension and state:
- whether or not the organization is a foreign corporation that doesn’t have an office or place of business in the United States
- whether or not the organization is a corporation that is the common parent of a group that intends to file a consolidated return
- whether or not the organization is a corporation or partnership that qualifies under section 1.6081-5
And, followed with the application’s calendar year, tax year beginning and ending. You’ll then enter the tentative total tax, the total amount of tax payments and credits, and the balance due.
The same as any other extension, you must pay the Internal Revenue Service by the payment deadline that applies to the organization. If the unpaid tax isn’t paid on time, you will get hit by late payment penalties and possible interest.