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E-file IRS Business Tax Extension

Form 7004 is a form that is filled out and submitted to the IRS to allow your business partnership a 5 month extension and your corporation a 6 month extension on filing your paperwork portion of your federal tax return. The businesses that this form covers are a partnership, a multiple member LLC filing as a partnership, and a corporation. Etax7004.com helps you file this extension electronicall in a hassle free way.

E-filing An Extension For Your Business Income Taxes

Posted by Admin on 13. September 2017 10:57

As a business person, your work schedules may be tight, you may have to track some struggling financial records or other financial complication that make the tax filing impossible to do on time. The Internal Revenue Service hears your difficulties and provides an alternate arrangement by offering a business tax 7004 extensions online.

Extension Form 7004 for Business Income Taxes

A business income tax extension is filed using Form 7004, depends on the type of business. Corporations and partnerships use the IRS 7004 Form for filing their business extensions, other businesses filing income taxes on Schedule C must use Form 4868. IRS Form 7004 extends the 6 months of extra time to e-filing the business or corporation taxes. This extra 6 month of time gives the corporations to file the 1120 Form without any errors and saves themselves from the burden of paying late fees or penalties.

NOTE: Most business tax returns can be extended by filing Form 7004: Application for Automatic Extension of Time to File by the original due date of the return.

Due Dates for Corporations and Partnerships

 

  • ·         If the business is organized as an S corporation than the income tax return or the extension is due by the 15th day of the 3rd month (March 15th) after the end of your business tax year.
  • ·         On the other hand, if the business is a C corporation then the extension is due to the 15th day of the 4th month (April 15th) after the end of your tax year.
  • ·         For instance, if the C Corporation is a calendar year tax payer with a December 31st, 2017, then the tax payer must file a 2017 tax return or an extension request by April 18th, 2017.
  • ·         If the business is a partnership, the income tax return or extension is due by the 15th day of the 3rd month (March 15th) after the end of your tax year.
  • ·         For instance, if the partnership of your business is a calendar year taxpayer with a December 31st, 2017, then the tax payer must e-file 7004 tax return or extension by March 15th, 2017. 
  •          For example, if a business needs a 6-month extension and its original filing deadline was March 15, its new filing deadline is September 15.

 

Caution on Tax Payments

Apart from filing Form 7004 extension, the tax payments must be made along with the tax extension so that the tax filer avoids the penalties and late fees from the IRS. If your business is an S Corporations who need to file their corporate tax returns must make their payment along with the Form 7004 in order to ensure that they saved from paying the late payment penalties, which will keep on accruing at a monthly rate of 0.5 % till the taxes are paid to the IRS. The maximum penalty, a tax payer can reach is 25 %. Note that the tentative tax amount that is calculated on the Form 7004 is 90 % or even more when compared with the income tax reported on the tax return file along with the outstanding amount that is paid by extended filing deadline and the corporations are not charged late payment penalties.

Steps to File Form 7004 Electronically with IRS

  • 1.  Efile your Form 7004 properly with us. Etax7004 assists you to e-file the 7004 Form throughout the process.
  • 2.  Estimate your tax, if applicable. Etax7004 calculate the tax accurately.
  • 3.  File the Form 7004 before the due date of your tax return and get the 6-month extension from IRS.

Following the above steps could avoid the penalties from the IRS. E-filing the Form 7004 will give an automatic tax extension return up to 6 months.

Etax7004 transmits your business extension Form 7004 to process by the IRS and the send you an email confirmation from the IRS is received within 30 minutes through either email or SMS. You can file your extension form 7004 conveniently through our robust platform. To know more call our customer support team at 703 229 0326 or email us at support@tax2efile.com

Know about Changes to IRS Form 7004 Tax Extension

Posted by Admin on 25. July 2017 22:28

Every day we come across some sort of change in the world of business, but whatever the changes are, no matter how many changes occur, as a common person we still have to pay their taxes. Nevertheless, the taxes are constantly changing. Stay up to date tax information on a yearly basis, such that you are not missing any important changes such as when the deadlines are due, if the extension become non-automatic, increase in penalties for late filing and more.

Ready with Changes to Form 7004 Tax Extension

·         Recently there is a major change that came with the Form 7004 is that the deadline, which is moved up from April 15th to March 15th. Hence, in order to get an extension on filing certain business income taxes and other tax returns ensure that you have submitted the form by midnight on March 15th.

·         Other notable change is that from now the IRS will no longer notify the tax filer if the extension is approved. The IRS will notify the user only if they do not approve the extension.

What is the Form 7004?

Form 7004 is the form that needs to be filled out to request an automatic extension time to file certain business income tax, information and other returns. The Certain business includes corporations, partnerships, multiple member LLCs filing as partnerships, and s-corporations.

Many tax filers forget the important point that IRS 7004 Form extends only the time to file the taxes but not to pay the tax amount. The taxpayer must pay the tentative tax by the deadline of March 15th. So here comes the next question. What is the tentative tax?  The tentative tax is the estimated amount of the tax bill. Few tax filers calculate their tax by referencing the tax, which they paid last year. But it is not the best way to calculate the tax amount as there are many changes happening to the business in a year, which may increase or decrease the tax amount.

The IRS never notifies the client if the Form 7004 extension is approved, but it sends a notification email only if the extension is not approved by them. However, the IRS makes the 7004 extensions automatically and they reserve the right to terminate them at any time. Again, a mail will be sent to the concerned person at least before the termination date, in the case of terminated extension.

Form 7004 needs to include the name of the corporation; an address of the corporation’s main office; the employer identification number of the corporation; the amount of the estimated taxes paid during a year; tentative tax liabilities; tax year applicable and the right code corresponding to specific tax forms that will be filed eventually.

Filing Form 7004 with IRS

Etax7004 as an IRS authorized tax service provider can help you will all of your extension filings. To file a Form 7004 before the deadline just registers with Etax7004 and select the form you would like to complete. Our experienced tax support members can guide you throughout the process and ensures you are awarded an automatic extension for 5 or 6 months within minutes.

We process your IRS 7004 Form in minutes and submit the extension form to the IRS. After the successful review by the IRS, you will get the confirmation email within 30 minutes through your registered mail id.

 

Best Method of Filling Out Form 7004 Business Extension Form

Posted by Admin on 8. March 2017 12:11

If you happen to be one of those individuals who need extra time for completing their business tax returns, you can use the alternative of making a request for time extension. Nevertheless, it is quite important to have a clear understanding of the fact that you will still have to make an estimate of the amount that you owe to the Internal Revenue Service within the due date. It is necessary due to the fact that the IRS possesses full rights of not validating your extension. Individuals you want to make an application for tax extension on their business tax returns can fill out Form 7004.

file 7004 business extension form

Simple Steps to Follow When Filling Form 7004 with IRS

Form 7004 is also called the business tax extension form in the world of paying taxes. This name has been given to the form due to the fact that it serves in the form of a detailed illustration consisting of several sections which need to be completed for the IRS to accept the extension that has been applied for. The 7004 form consists of eight sections but it is to be noted that all the different sections are not applicable for different tax payers. This is the only reason why Form 7004 turns out to be a little confusing for people who try filling out the form. There are some important steps that need to be taken and some important points that need to be kept in mind when filling Form 7004 and they are as follows:

·     Line 1a: The 7004 form only needs to be filled out if an individual is filing for automatic tax extension of 5 months.

    Line 1b: It needs to be filled out if an individual tries filing for automatic tax extension of 6 months. It is important to keep in mind that individuals cannot file for both 5 and 6-month tax extensions. There are some extension applications are likely to be rejected if they fill out both the lines.

     Line 2: Foreign corporations need to fill out this line in case they do not possess an office with a location in the USA.

     Line 3: All the corporations that operate online need to fill out Line 3. All of Part 3 is compulsory to be filled out by each and every individual who fills out Form 7004.

      Line 4: Individuals who have got a tax extension of 3 months need to fill out Line 4.

     Line 5: The 7004 form indicates people whether they are filing for a short year or a normal tax year and the reason why this is being done.

     Line 6: This is the line where people need to specify the right tax amount that they actually owe. The ones who owe nothing need to put a zero in the blank space.

      Line 7: It consists of the total payment amount that the taxpayers need to pay.

     Line 8: This line in the form consists of important information for the individuals making use of the form for their tax extensions.

Filing Tax Extensions for Partnership and Corporate Taxes

Posted by Admin on 14. March 2016 09:58

All corporations, irrespective of the fact that whether they are subject to paying taxes under Subchapter S or C of the Internal Revenue Code, have this legal obligation of filing their yearly tax returns with the IRS. It is to be noted that this filing compulsion is not conditional on corporations earning a taxable income. The corporations that happen to incur major losses also need to file their tax returns within the due dates. Nevertheless, if these corporations require some extra time for filing their tax returns, they must consider attaining a tax extension by filing Form 7004.

What Does Form 7004 Actually Do?

Form 7004 actually extends the time to file taxes for the corporations. It gives them a maximum time extension of six months for filing Form 1120 for their businesses or 1120S for valid S corporations. Getting this extra time is highly beneficial for the corporations as they save themselves from the burden of paying late fees or penalties.

Making the Tax payments

All tax payments need to be made along with tax extension in order to avoid paying penalties and late fees. Corporations who have the responsibility of filing their corporate tax returns should make their payments along with Form 7004 for ensuring that they get saved from paying late-payment penalties that keep on accruing at a monthly rate of .5% till the taxes are paid. Tax payers can also reach the maximum penalty of 25%. However, it is to be noted that is the tentative tax amount calculated on Form 7004 is 90% or even more in comparison to the income tax that is reported on tax return filed eventually, with the outstanding amount being paid by extended filing deadline, corporations will not be charged late-payment penalties.

The Deadline for Filing Form 7004

Corporation income tax returns are generally due within 15th March post the closing of the tax year. 15th March is always the tax paying deadline for all those corporations that keep a track record and maintain books by making use of the calendar year. However, if fiscal years are used- last day of corporation tax year generally ends on some day other than 31st December. Here, the deadline seems to be completely different.

Form 7004 Filing

Whether Form 7004 is being filled out on paper or being submitted electronically, there is very little time needed for filling the information required on the form. The most important information that need to be there in the form include name of the corporation; address of the corporation’s main office; the employer identification number of the corporation; amount of the estimated taxes paid during a year; tentative tax liabilities; tax year applicable and the right code corresponding to specific tax forms that will be filed eventually.

 

The Convenience of Form 7004 Electronic Filing

Posted by Admin on 25. February 2016 12:57

The IRS tax extension form 7004 is called Application or Automatic extension of Time to File Certain Business Income Tax, Information, and Other Returns. The requirements for an explanation of the requirement of extension time for filing and a signature for such returns have also been successfully removed. The filers do not get any notification about the approval of the extension. The notifications will be sent only if the extension request has not been approved. The filer needs to file only one tax extension form 7004 on or before the due date of the form. However, separate form 7004 electronic filing needs to be done for each tax return.

Purpose of Tax Extension Form 7004

Form 7004 electronic filing can be done for requesting the automatic time extension for filing certain business income taxes, information as well as returns. These extensions are successfully granted only if the form is filled in properly. Apart from this, the filer also needs to make an accurate tax estimate if applicable, file form 7004 on or before the due date of tax return applying to the form and paying the tax returns which are due.

tax 7004 filing

Reasons to File Tax Extensions

Paying tax returns every year is a little difficult because of the complicated codes. It is definitely not an easy thing to do for the tax payers. This is one reason why the tax payers need to give themselves some time when trying to pay their taxes. E-filing tax extension is one of the most advantageous things that the tax payers can do. There are good reasons that support the fact that e-filing a tax extension is advantageous.

• The e-filing procedure is completely paper-free. This means that it saves the trees and it also saves an individual from the hassle of filling the paper forms that turn out to be very complicated. The tax payers are also not required to deal with extra papers. They have an easy to fill electronic form.

• E-filing tax extension is the only way of getting IRS confirmation about the approval of the tax extension. The professional e-file providers take good care of electronic extension requests and they inform the filers regarding the approval of their extension by the IRS.

• The e-filing procedure is quite fast. It takes just a few minutes to fill out and submit form 7004 online. With this option, you get the flexibility of taking the march 15 and April 15 burden off the shoulders.

• E-filing is one of the most preferable methods for the IRS. Paperless form filling is being supported by various organizations these days and the same goes for the IRS as well.

• There is no loss of data as you can get everything in your mail. By choosing the e-filing procedure, you actually avoid standing in queue at the post office for paying your taxes.

Things You Should Know About Form 7004 Due Date

Posted by Admin on 1. February 2016 07:04

If you are looking forward to filing a business tax return extension, IRS tax form 7004 is the form that you must use for this purpose. Filing this form gives you an automatic time extension for filing your business tax returns for a multiple member LLC, a corporation, an S corporation or for a partnership. However, according to the IRS, form 7004 in no ways extends the deadline for the tax payments. The taxes need to be paid within the tax return due date even if an extension application has been filed. In this case, you have to estimate in the best way possible since underestimating can result in penalties and fines.

What is Form 7004 Due Date?

Form 7004 due date is actually based on the deadline of original filing of tax returns. This can be explained by an example. Suppose that a particular business is required to file annual tax returns on or before 17th march, the deadline for tax extension filing for the business would be 17th march.

business tax extension

Src: Flickr

Business Tax Extensions

IRS tax form 7004 can conveniently be used for requesting additional time for filing the forms. The IRS generally grants an extended time of five months for filing the forms if the form 7004 is filled in and submitted on time and accurately by a trust, partnership, multi-member LLC or a non-bankruptcy estate. There are other businesses that can make use of form 7004 for obtaining a filing extension of six months. It is quite easy to get completely overwhelmed in matters pertaining to tax payments and especially when getting Federal tax extensions. However, it is important to have a clear understanding of the entire tax extension procedure.

Corporations: The Deadline for E-filing Form 7004 is 17th march

It is necessary for the corporations to file their tax extension applications with the original date of their tax returns and the deadline for the corporations is 17th March. The corporations must file their tax extensions on or before 17th March if they want to avoid the late fees or the penalties.

15th April is the Deadline for E-filing Tax extensions for Some Businesses

The IRS has come up with a completely different deadline for the filing of tax extensions by trusts, partnerships, LLCs and estates. 15th April is the deadline for filing the tax extensions by these businesses. As a tax payer, when you e-file your tax extension request by filling out form 7004, you must be aware of receiving a confirmation email from the IRS informing you about the approval of the business tax extension application. The tax extensions which are filed manually do not get any confirmation from the IRS regarding the approval of the applications. Therefore e-filing is the procedure that needs to be chosen as this gives you peace of mind.

Everything that you Need to Know About Form 7004

Posted by Admin on 30. November 2015 06:55

The IRS form 7004 is called Application for Automatic Extension of Time to File Certain Business Income tax Information and Other Returns. The name itself suggests that this form can be used by business entities who have this desire or the requirement of filing a legitimate 5 to 6 months of Federal tax extension. Some of the most important things that one needs to know in regards to this form have been explained below.

Purpose

Once you file form 7004 online, the tax extension shall be permitted and it will be considered valid only if the following criteria are fulfilled:

• It is important to fill up the entire form properly without any kind of ambiguity or without any chances of interpretation.

• Tax estimate needs to be correct if it is applicable.

• It is necessary to file form 7004 online or in person within the deadline or the due date. Apart from this, it is also important to pay the tax amount that is owed correctly.

1099 tax

Src: Flickr

Determining the Extension Period

When filing form 7004, it is important for an individual to check the Line number and the Part number that he or she falls under in order to judge his or her time eligibility.

• 5-month extension- An individual is eligible for a tax extension of five months if the return type matches with Part I and Line 1a of the form.

• 6-month extension- An individual is eligible for a tax extension of six months if the return type matches with the ones available on Part II Line 1b of the form.

It is also necessary for the tax payer to have a close look at line 1 and line 4 of the form prior to making the choice of a specific extension period.

Exceptions

As has already been mentioned, Line 2 and line 4 of the form list the exceptions which are applicable and they have been defined below:

• Line 2: Line 2 of the form is for the foreign corporations who do not have a place or an office for conducting business throughout the United States.

• Line 4: This line is applicable for the selected domestic and foreign partnerships and corporations.

Extension Termination

If the IRS considers that a particular extension needs to be cancelled, it has all rights to do so. In this case, a notice of extension termination will surely be mailed to the entity or the person 10 days before the extension termination date.

The Procedure of Filling the Form

The form can easily be filled both offline and online, online filling can conveniently be carried out by using the official IRS website completely free of cost. Manual filling can also be carried out by getting the form from the IRS outpost or by getting a print of the form from the IRS website. Once the form is filled in manually, it is sent back to the IRS authority through mail. No signature is needed when filing the form online or offline.

Businesses and Corporation Can File IRS Form 7004 For Tax Extension

Posted by Admin on 3. March 2015 07:53

Business people including corporations who are tax liable and needs to make tax returns on time to be filed which is always genuine as submittal to IRS, more often have the common anxiety and fear as answerable to IRS that too with the nearing due dates as applicable respectively to each business form that they need to report. Further it may lead to adding fuel to fire whenever they receive notice on failures and as reminders from IRS.

This is for this reason that IRS is very considerate to accommodate the business tax-payers concerned to have their tax information to be more appropriately estimated by them and as filed with the provision of extended due dates as offered as benevolent by IRS through form 7004. Many a times IRS would only remind the taxpayers of their duties to file their respective forms whether business or individuals and though it may look tough for business communities including corporations to digest immediately however it is mandatory beyond their apprehensions to do their duties to the fullest satisfaction of IRS by duly filing tax returns including tax payments on time.

When they could not do so they can always avail the benefit as offered by IRS through Form 7004 to extend their tax returns filings more appropriately by 5 or 6 months. Failures to comply with IRS instructions on the basic business forms that the businesses and corporations are subjected, or through the extension of time clause as offered by form 7004 will certainly lead to IRS audits at business houses or centres asking for more queries to be answered as satisfactorily to IRS and in some cases it may further lead to court involvement to adjudge the case that IRS may file depending on serious nature of tax violations as considered by IRS.

Therefore it is always safe for the businesses and corporations to have the defensive approach whenever dealing with the higher Federal authority IRS, for which IRS always facilitate via the provision of extension of time as provided by the IRS form 7004 for businesses filing form 1065 including some reserved estates and trusts to have the deferral due date by 5 months and the corporations whether C or S to have their due dates extended by 6 months to file their returns respectively as per the guidelines of the forms concerned.

Most of the owners of the businesses and appointed directors of corporations may not be fully aware of the tax law despite the tax software including the off-shelves from third parties or indigenous which may help to an extent, this may not completely satisfy the tax requirements as per IRS and there may be possibilities in circumstances while having tax guidance cell within the companies with giving way for probabilities to err the governing laws as laid down by IRS through several running sub-chapters that control businesses and corporations.

It is needless to say that qualified tax professionals that too with rich knowledge of IRS law will be of great help to companies in such circumstances as they are always digging to know the exact laws as always applicable and more appropriate for businesses and corporations to suit to the needs of the sticking problems to make it solve. They do the right calculations of taxes as per the required law of IRS with the right strategy to overcome the tax liability complications for which they are qualified to deliver. In most cases they can handle as tax attorneys to rescue business and corporation from their tax worries for which even IRS form 7004 carries its responsibility to help business and corporations to avail the benefit of automatic extension of time for 5 or 6 months depending on their needs for proper filing of their tax returns through IRS trusted tax partner http://www.Etax7004.com     

The Definite Purpose of IRS Form 7004 Is Giving Automatic Extension Time for Business to File Their Taxes

Posted by Admin on 20. February 2015 09:57

Every business including corporation whether through subchapter C or S know about the importance and benefit of IRS form 7004 as it offers an automatic extension of time for filing business tax return for 5 or 6 months. The definite purpose of IRS through form 7004 giving an automatic extension of time is to see that companies be it partnership, a multiple member LLC filing as a partnership, a corporation, or s-corporation should never go away unaccounted without answering IRS of the required payable tax with the essential tax information returns as demanding by public IRS and according to its strictures of the tax collections as infinite as ever-lasting and ever-finding  a good cause to see that the under-privileged of the society be benefitted in the larger scenario.

Every company, be it large corporation or small corporation including partnerships and LLCs must report to IRS according to their respective IRS business forms as prescribed and should pay the due taxes with returns filed by due date as according to respective IRS forms for which they are entitled and subjected. Form 7004 comes handy by way of an automatic extension of time when they need more time to report the income tax returns. But IRS is always determined to see that form 7004 only give extension of time for filing tax returns by businesses and not an extension time given for paying taxes should always be understood. IRS states "Form 7004 does not extend the time for payment of tax." The companies concerned including corporations and partnerships with LLCs made-up should pay taxes which is due or an estimated account as a part of tax due by their tax return due date

business extension online

src: Flickr

This is despite companies filing form 7004 for an automatic extension of time whether for 5 or 6 months and which is also should be done on their tax return due date respectively to get the proper grant from IRS. When companies fail by undermining the IRS instructions in flouting the rules by not estimating the tax dues as owed to IRS in a genuine way and not also committing to pay at least 90% of their tax dues are then subjected to late payment penalty with applicable interest depending on tax amount not payable to IRS within the due dates as applicable. This holds true irrespective of corporations or partnerships under-estimating their tax dues to be payable on their respective prescribed due dates according to their subjected IRS forms through which they should report. Form 7004 is only gives a lease of extension time to defer due dates for filing the income tax information returns for the companies and corporations.

Corporations C or S must file their tax returns through form 1120 and 1120S respectively by March 15th after the close of their fiscal year. Normally corporations should or expected to close their tax year by the year end date December 31st of every year.

In the same way partnerships and LLCs including multi-member set-ups filing form 1065 have their tax return due date as April 15th,

The e-filing form 7004 by corporations can get those 6 months automatic extension of time for filing income tax returns while partnerships and LLCs get 5 months automatic extension of time by filing form 7004 through the trusted tax partner like us Etax7004.com

Register NOW and E-file your Extension

Tax Filing Checklist for Small Businesses and How Form 7004 can ease Them?

Posted by Admin on 27. January 2015 11:48

A perfect checklist when filing tax returns to IRS helps corporations, and other small businesses to keep away their hurrying and worrying factors to move forward and march towards the month March of 2015. As the number of days as countable is on the wane, the due date is fast approaching, the small and big corporations have to prioritize their early preparation of their checklist towards IRS tax filing whether on 15th March or 17th April 2015.

By the help of checklist, Small and big corporations can file their respective forms say 1120-C and 1120-S much before their due dates. 1120-S and 1120-C should file before or on 15th March 2015. They may also avail the automatic extension time of 6 months through filing of IRS form 7004 on 15th March 2015. Corporate can use the time before the 15th to get their taxes in and make sure they are taxed as a partnership for 2014 if they want to be a pass through entity for tax purpose.

Apart from the Corporation, it is important for the LLCs, LLPs, and other private entities to have documents and receipts in order for April 17th, 2015 and that this can be achieved with the meeting of tax professionals or CPA irrespective of whether entities run a small business or are simply filing for them, can do the handwork online to complete any important paperwork with the guidance of CPA.

On the other hand, Tax professionals and CPAs will be busier during this tax season when companies as their clients’ filing different business income tax forms, information or other returns. So it is needed and required for CPAs and tax professionals to have a time schedule and to stay on top as per appointments with both and new clients or companies will harness mutual benefits for timely paying and filing of their tax returns.

It is also required for the companies to have the business licenses renewed by e-mail or by mail as to be checked with the regulatory body of the respective states.

If required and when entities are not ready to meet the filing due dates, they can file tax form 7004 on their original due date as per instructions of IRS so as to avail automatic extension of time for further 6 months to push their due dates for filing returns through IRS certified tax partner Etax7004.com