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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.

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.

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.

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

IRS Extension Forms Help Corporate Taxpayers Streamline Tax Information to File Beyond Deadline

Posted by Admin on 2. January 2015 07:21

IRS extension forms which give an automatic extension of time upto 6 months are helpful to tax payers in most cases allowing them a time to complete as updated and correct tax information on the lines of the forms appropriately as required. One such extension form is IRS 7004. This form can be filed to extend the time for filing tax returns of IRS forms 1120-C for Corporations and 1120-S for small corporations. So that corporate tax payers can avail automatic extension of up to six months towards accurate and complete tax file returns.

The extension time of 6 months is given by IRS only for filing tax returns beyond the deadline and this extension of time is therefore not given for paying taxes. The corporations irrespective of sizes need to pay taxes on time should be understood. The best way to remember and to get the reminder for the due dates for paying and filing taxes towards IRS form 1120-C and IRS form 1120-S is to know the maths symbol “π”-pi which refers to the number 3/14 as like to remind the date 

14th of March 2015, a day before the due date. The corporations, in most cases, should pay taxes and file returns on this date safely, before the US individual Income Tax .returns filing.  

Corporations wishing to take automatic extension time for the filing of tax returns must file IRS form 7004 on 14th March 2015.The mis-conception of requesting for IRS extension form 7004 may trigger audits from IRS can be erased when corporations are sure enough that they are availing the use of extension form 7004 only to submit a complete and accurate tax returns towards form1120-C and 1120-S on the extended date 15th September 2015.

But some of the pass through entities like LLCs, LLPs, GPs for paying tax and filing returns have been given time until 17th April as the due date. They can further extend it upto 6 months to push their due dates to 17th October 2015 if they require the use of IRS form 7004.

One could be organized as a kind of entity (such as an LLC) and have nonetheless elected a different tax status, such as C or S treatment. If one is not sure about filing status, please check with a tax professional.

Please note that the March 15 deadline applies to for profit corporations; nonprofit corporations generally have until May 15 to file their appropriate tax information returns.

Register NOW to efile.

What is Form 7004 and When is it Due?

Posted by Admin on 6. March 2014 10:38

Today we are going to talk about form 7004 and who needs to fill it out and when it is due into the IRS. This form stands for the Application for Automatic Extension of Time to File Certain Business Income Tax. We will help you figure out if this is the form you need and when you need to submit it by.

What is form 7004?

IRS tax form 7004 is the form to fill out if you are looking for extra time for your business, to fill out all the paperwork involved in your federal tax return.  This form is for businesses such as partnerships, multi member LLC’s, c-corporations, and s-corporations. When you submit this form your partnership and multi member LLC’s will be granted a 5 month extension and corporations will be granted a 6 month extension.  Form 7004 will only give you an extension on the paperwork portion of your tax return so you will need to be sure you pay your estimated tax bill when you submit your form 7004 or you will be subjected to stiff fines and late fees.  

This form is an easy form to fill out using our services at Etax7004.com.   We will guide you every step of the way to filling out this tax extension. First, you will need to make a profile and password so your information will only be visible to you.  You then will have to furnish us with your business information such as name and address of business, your TAX ID number, and what tax return number you will be eventually filing.  After that you will be prompted to pay your estimated tax bill and you can do this on our secure browser. We are an authorized IRS provider so you can be sure that e-filing with us is a safe and secure way to submit your form. After, that you will be able to submit your extension 7004 to the IRS.

When is this form due?

The form 7004 due date is March 17, 2014 for the tax return year 2013. This is to give the IRS time to check out your form and have time before the April 15th due date to go over it and be sure it is correct. We here at etax7004.com will help you every step of the way when filing it to avoid any errors and are here 24 hours a day and 7 days a week with awesome customer service to answer any questions you may have.  You will also get an email conformation letting you know that the IRS received our form and your payment and we will keep all of your information saved for over three years to ensure that if you need the information it will there.

As you can see, filing an extension is very easy using etax7004.com. Please take a look at our very reasonable rates and all that we offer and see if this service can help you.

Click Here and Start Filing Your 7004 Extension Form.

 

What is Form 7004 and When is it Due?

Posted by Admin on 6. March 2014 10:38

Today we are going to talk about form 7004 and who needs to fill it out and when it is due to the IRS. This form stands for the Application for Automatic Extension of Time to File Certain Business Income Tax. We will help you figure out if this is the form you need and when you need to submit it by.

What is form 7004?

IRS tax form 7004 is the form to fill out if you are looking for extra time for your business, to fill out all the paperwork involved in your federal tax return.  This form is for businesses such as partnerships, multi-member LLC’s, c-corporations, and s-corporations.  When you submit this form your partnership and multi-member LLC’s will be granted a 5-month extension and corporations will be granted a 6-month extension.  Form 7004 will only give you an extension on the paperwork portion of your tax return so you will need to be sure you pay your estimated tax bill when you submit your form 7004 or you will be subjected to stiff fines and late fees.  

This form is an easy form to fill out using our services at Etax7004.com.   We will guide you every step of the way to filling out this tax extension. First, you will need to make a profile and password so your information will only be visible to you.  You then will have to furnish us with your business information such as name and address of business, your TAX ID number, and what tax return number you will be eventually filing.  After that, you will be prompted to pay your estimated tax bill and you can do this on our secure browser. We are an authorized IRS provider so you can be sure that e-filing with us is a safe and secure way to submit your form. After, that you will be able to submit your extension 7004 to the IRS.

When is this form due?

The form 7004 due date is March 17, 2014, for the tax return year 2013. This is to give the IRS time to check out your form and have time before the April 15th due date to go over it and be sure it is correct. We here at etax7004.com will help you every step of the way when filling it to avoid any errors and are here 24 hours a day and 7 days a week with awesome customer service to answer any questions you may have.  You will also get an email confirmation letting you know that the IRS received our form and your payment and we will keep all of your information saved for over three years to ensure that if you need the information it will there.

As you can see, filing an extension is very easy using etax7004.com. Please take a look at our very reasonable rates and all that we offer and see if this service can help you.

Click Here and Start Filing Your 7004 Extension Form.