Form 7004 Is Your Business’ Last Minute Tax Day Solution!
Tax day is almost here, and many businesses are scrambling to file their income tax returns with the IRS. Are you stressed out and struggling? It is time to consider an extension, here is what you need to know to file your Form 7004 before July 15, 2020!
What is Form 7004?
Form 7004 is the IRS Tax Extension that applies to business income taxes, and it may save your day this Wednesday! This is an automatic extension form that a business entity can file with the IRS to receive additional time to file. In this case, until October 15, 2020.
The deadline for filing your extension is the same as the deadline for the tax return that you wish to extend. If you are required to file Form 1041 or Form 1120, for example, your deadline is July 15, 2020. That deadline is nearly here, but you still have time to file an extension, just be sure to act fast.
Which Tax Forms does the Form 7004 apply to?
The Form 7004 actually applies to 33 IRS Tax Forms. Here is a complete list of them…
- Form 706-GS(D)
- Form 1041-N
- Form 1065
- Form 1120-C
- Form 1120-H
- Form 1120-PC
- Form RIC
- Form 3520-A
- Form 8725
- Form 8876
- Form 706-GS(T)
- Form-QFT
- Form 1066
- Form 1120-S
- Form 1120-L
- Form 1120-POL
- Form 1120S
- Form 8612
- Form 8804
- Form 8924
- Form 1041
- Form 1042
- Form 1120
- Form 1120-FSC
- Form 1120-ND
- Form REIT
- Form 1120-SF
- Form 8613
- Form 8831
- Form 8928
With the exception of Forms 8612, 8613, 8725, 8831, 8876, and 706-GS(D) you can file the Form 7004 electronically. Filing electronically is highly recommended by the IRS right now, as they are struggling to process paper tax returns at the normal pace. Much like all other organizations, they are dealing with the effects of COVID-19.
This is a pretty overwhelming list, here are the most common forms that will be due to the IRS on July 15, 2020.
The Form 1120 is required to be filed by all domestic corporations, even those that are going through bankruptcy. This tax form is designed to report income, gains, losses, and tax liability of your business.
All corporations must file this tax return by the 15th day of the 4th month following the end of their tax year. For corporations that operate on a calendar year, this is April 15, 2020. The IRS has given corporations additional time to meet this deadline, but that time runs out on July 15, 2020.
The Form 1041 is used to report the income, gains, and losses related to an estate, trust, or bankruptcy estate. Calendar year trust and estates must file this form by July 15, 2020 as well. Failing to file this form on the required deadline will result in penalties.
What about my tax payment?
It is important to note that the Form 7004 extension applies only to your informational tax return, not your tax payment. Your business must make your estimated tax payments on time to completely avoid penalties.
You will need to e-file your tax extension with an IRS Authorized E-file Provider for best results and secure tax payment options. Luckily, ExpressExtension provides a simple and secure solution!
E-filing with ExpressExtension
ExpressExtension has your last minute solution for filing an extension with the IRS. We know that at the last minute there are 3 major concerns that you have…
- Speed
- Accuracy
- Security
Our software addresses each of these issues so that you can file your extension with confidence and peace of mind. Once you have reviewed your extension form, we transmit it to the IRS instantly and we keep you updated with your IRS status.
Our software is designed to walk you through the process and promote accuracy, but if your form is rejected, we will let you know why and let you re-transmit at no additional charge.
As for security, we even help you stay on the IRS’s good side by facilitating your IRS tax payment. You can choose to make this payment using Electronic Funds Withdrawal (EFW) or the IRS’s own Electronic Federal Tax Payment System (EFTPS).
Simply create your free account to begin filing your business income tax extension today!
