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11/28/2016

Types of Business Entities Supported by Form 7004

IRS Form 7004 is a business tax extension that extends your filing deadline up to six months depending on your type of business. If you’re requesting an extension, you should have the 7004 form submitted by the March 15 deadline.

Extension Form 7004 requires your basic company details along with the appropriate Form Code that indicates the type of return for which you’re requesting an extension - this also depends on which type of business you’re filing with IRS.

Types of Business
Various businesses are eligible for the 7004 extension - Multi-Member LLCs, C-Corporations, S-Corporations, Partnerships, Trusts, and Estates. However, your type of business will determine whether you receive a 5 or 6-month extension.

5-Month Extension
Certain Partnerships, Trusts, and Estates are only eligible to request an extension for up to five months. The appropriate Form Code goes on Line 1a and the extension typically lasts until September. If you operate on a fiscal tax year, add five months to your original due date which is the 15th day of the 4th month after your tax year ends.

There’s a change in filing an extension for partnerships that starts at the beginning of the new year. The new filing date will be March 15 or the 15th day of the 3rd month after the accounting period ends for fiscal tax years. The extension will also be for six months instead of five.

6-Month Extension
Multi-Member LLCs, C-Corporations, and S-Corporations can request for extensions up to six months. You’ll enter the Form Code on Line 1b, and the extended deadline is usually in September. For fiscal year companies, it’ll add six months to your filing date which is the 15th day of the 3rd month after the end of the tax year.

C-Corporations will also have a few filing changes at the start of the new year. Calendar tax year C-Corps will have until April 15 to file, and the extension is only for five months. Fiscal year C-Corps will have until the 15th day of the 4th month after the accounting period to file or request a 6-month extension. And if your corporation ends on June 30, you have until September 15 to file or submit for a 7-month extension.

With ExpressExtension.com, you can e-file Form 7004 directly to the IRS - the process streamlines with cloud-based technology, interview-style questions, and a user-friendly interface that’s more quick and secure than paper filing. You can even e-file from the comfort of anywhere with our FREE downloadable Express 7004 app for iOS and Android tablets and smartphones.

Our U.S. - based, customer support team is ready to assist or answer any questions about your e-filing experience. Contact us at 803.514.5155, Monday through Friday from 9 a.m. to 6 p.m. EST or email us with support@ExpressExtension.com.


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