Frequently Asked Questions

IRS Form 7004: FAQs

Some of the frequently asked questions answered relating to IRS 7004 Business Extension Form.

Partnerships, estates and trusts, multi-member LLCs who file Form 1065, Form 8804, Form 1041 (estate other than a bankruptcy estate) and Form 1041 (trust) can make use of IRS form 7004 to request for a 5-1/2 month tax extension. Most other types of business entities who are C corporations, S corporations, foreign corporations, REMICs, and REITs can make use of IRS form 7004 to request a 6 month tax extension.

You can get a business tax extension by filing Form 7004 by the original due date of your tax return. For corporations, the due date is the 15th day of the 3rd month after the close of the tax year, which is March 15 for calendar year filers. For partnerships, as well as most estates, trusts, and multi-member LLCs, the due date is the 15th day of the 4th month following the end of the tax year, which is April 15 for calendar year filers.

For sole proprietors, form 4868 is prescribed as personal tax extension since you report your business activities on your personal income tax return (Form 1040, Schedule C). By this, you will only need to submit a personal tax extension - Form 4868 to extend the filing deadline for both the business and personal tax forms. Visit our website https://www.Etax4868.com for your personal tax extension.

No. You should pay the tax amount by the original due date at least by arriving at a ballpark figure as payable to IRS. Extension of time through IRS form 7004 only extends the deadline for filing your tax returns and is not the time given for paying your tax amount. You can understand the term ‘tax liability’ as “The amount of tax that must be paid”, and taxpayers like you meet or pay their federal income tax liability through withholding, estimated tax payments, and payments made with the tax forms they file with the IRS.If you have any other questions related to your business tax extension form, kindly get in touch with us and we will be glad to help.

E-FILE & Get an Automatic Tax Extension Return UP TO 5-1/2 or 6 MONTHS!

Forms

Type of Payment Report on Form
Abandonment 1099-A
Accelerated death benefits 1099-LTC
Acquisition of control 1099-CAP
Advance earned income credit W-2
Advance health insurance payments 1099-H
Agriculture payments 1099-G
Allocated tips W-2
Alternate TAA payments 1099-G
Annuities 1099-R
Archer MSAs:  
Contributions 5498-SA
Distributions 1099-SA
Auto reimbursements, employee W-2
Awards, employee W-2
Barter exchange income 1099-B
Bonuses, employee W-2
Broker transactions 1099-B
Cancellation of debt 1099-C
Capital gain distributions 1099-DIV
Car expense, employee W-2
Changes in capital structure 1099-CAP
Charitable gift annuities 1099-R
Commissions, employee W-2
Commodities transactions 1099-B
Compensation, employee W-2
Contributions of motor vehicles, boats, and airplanes 1098-C
Cost of current life insurance protection 1099-R
Type of Payment Report on Form
Coverdell ESA contributions 5498-ESA
Coverdell ESA distributions 1099-Q
Death benefits 1099-R
Accelerated 1099-LTC
Debt cancellation 1099-C
Dependent care payments W-2
Direct rollovers 1099-Q, 1099-R, 5498
Discharge of indebtedness 1099-C
Dividends 1099-C
Donation of motor vehicle 1098-C
Education loan interest 1098-E
Employee business expense reimbursement W-2
Employee compensation W-2
Excess deferrals, excess contributions, distributions of 1099-R
Exercise of incentive stock option under section 422(b) 3921
Fees, employee W-2
Foreclosures 1099-A
Foreign persons' income 1042-S
401(k) contributions W-2
404(k) dividend 1099-DIV
Gambling winnings W-2G
Golden parachute, employee W-2
Grants, taxable 1099-G
Health insurance advance payments 1099-H
Health savings accounts:  
Contributions 5498-SA
Distributions 1099-SA
Type of Payment Report on Form
Income attributable to domestic production activities, deduction for
Income tax refunds, state and local 1099-G
Interest income 1099-INT
Tax-exempt 1099-INT
Interest, mortgage 1098
IRA contributions 5498
Life insurance contract distributions 1099-R, 1099-LTC
Liquidation, distributions in 1099-DIV
Loans, distribution from pension plan 1099-R
Long-term care benefits 1099-LTC
HSA, Archer MSA or Medicare Advantage MSAs:  
Contributions 5498-SA
Distributions 1099-SA
Mileage, employee W-2
Military retirement 1099-R
Mortgage insurance premiums 1098
Mortgage interest 1098
Moving expense W-2
Nonqualified deferred compensation:  
Beneficiary 1099-R
Employee W-2
Original issue discount (OID) 1099-OID
Patronage dividends 1099-PATR
Pensions 1099-R
Points 1098
Prizes, employee W-2
Profit-sharing plan 1099-R
Qualified plan distributions 1099-R
Qualified tuition program payments 1099-Q
Type of Payment Report on Form
Real estate transactions 1099-S
Re-characterized IRA contributions 1099-R, 5498
Refund, state and local tax 1099-G
Retirement 1099-R
Roth conversion IRA contributions 5498
Roth conversion IRA distributions 1099-R
Roth IRA contributions 5498
Roth IRA distributions 1099-R
Timber, pay-as-cut contract 1099-S
Sales:  
Real estate 1099-S
Securities 1099-B
Section 1035 exchange 1099-R
SEP contributions W-2, 5498
SEP distributions 1099-R
Severance pay W-2
Sick pay W-2
SIMPLE contributions W-2, 5498
SIMPLE distributions 1099-R
Student loan interest 1098-E
Supplemental unemployment W-2
Tax refunds, state and local 1099-G
Tips W-2
Transfer of stock acquired through an employee stock purchase plan under section 423(c) 3922
Tuition 1098-T
Unemployment benefits 1099-G
Vacation allowance, employee W-2
Wages W-2
   

Refund Policy

  • Refund will not be given once the return has been transmitted to the IRS.
  • Refund must be requested within 30 days from the payment date.
  • It takes about 5-7 business days to process your refund.
  • If you change the EIN, form type, or tax year on any tax return, after you have paid or submitted your return, it will be counted as an additional return and you’ll be charged for that return.