A Quick Overview of State Business Tax Extensions with the State of Rhode Island
When it comes to filing an extension for your business income tax returns, many business owners think that this process ends with IRS. However, depending on the state where your business is located, there may be more to it.
While several states will acknowledge a Form 7004 that was filed with and accepted by the IRS for the current tax year, there are a few states that require businesses to file a separate form with their agency to file an extension for state business tax returns.
Rhode Island is one of these states. Here is a quick overview of the business tax requirements in this state and what is required when applying for an extension.
Rhode Island Filing Requirements – Partnerships
In addition to filing a Form 1065 with the IRS to report income information about the partnership, these businesses are also required to file Form RI-1065 with the state of Rhode Island.
Partnerships are required to file Form RI-1065 within 3 months and 15 days following the end of its tax year. For partnerships that operate on a calendar year schedule, this is March 15, 2023.
If the Businesses that are classified as a Partnership and are located in the state of Rhode Island need more time to prepare their business tax returns, they must file a state extension form in addition to the Form 7004 that they file with the IRS. The state form that partnerships are required to file to request an extension of up 6 months is Form RI-7004.
Just like Form 7004, this extension form must be filed on or before the original deadline to file Form Form RI-1065.
Rhode Island Filing Requirements- Corporations
C-corporations in the state of Rhode Island must file Form RI-1120C with the state in addition to filing Form 1120 with the IRS each year.
The deadline for corporations to file Form RI-1120C is four months and 15 days following the end of their tax year. For corporations operating on a calendar year, this is April 15th.
Corporations that are located in the state of Rhode Island must file a state extension form in addition to filing Form 7004 with the IRS. The state form that partnerships are required to file with the state of Rhode Island to request up to a 6-month extension is Form RI-7004.
There is an exception to this. Corporations with a fiscal year ending on June 30th are required to file before the 15th day of the 3rd month following the end of the taxable year. These corporations can request an extension of up to 7 months by filing Form RI-7004.
Form RI-7004 must be filed on or before the corporation’s original Form RI-1120C filing deadline.
Rhode Island Filing Requirements- S-Corporations
C-corporations in the state of Rhode Island must file Form RI-1120S with the state in addition to filing Form 1120-S with the IRS each year.
If an S-corporation needs to file an extension of time for their income tax return, they must file a Form 7004 with the IRS and a separate tax extension form with the state of Rhode Island.
The deadline for filing Form RI-1120S is within three months and fifteen days following the end of the S-corporation’s tax year. For those operating on a calendar year schedule, this is March 15, 2023.
For the S-corporation to obtain an extension of up to 6 months for filing their RI-1120S with the state, they must complete Form RI-7004 by their original filing deadline.
Filing State Business Tax Extensions with ExpressExtension
ExpressExtension offers an easy option for filling out the Rhode Island business tax extension Form RI-7004.
With ExpressExtension, you can file both federal and state extension forms. To complete Form RI-7004, simply sign in to your ExpressExtension account and select state filing. You can then fill out your form and proceed to download and print it. Then you can mail it using the address that ExpressExtension provides.
Ready to request an extension of time to file? Create your free ExpressExtension account now.