Time flies when you’re busy running a corporation! Are you considering extending your income tax deadlines?
The IRS won’t mind…as long as you do this properly and in a timely manner.
It’s the IRS, they love tax forms and punctuality, so no surprise there! If you are curious about how the extension process works, you’ve come to the right place. We’re going to break it down for you!
What Extension Form Do I Need?
There are quite a few extension forms out there (probably because everyone hates a deadline). The extension form that you will need to file is the Form 7004.
This form applies to all the corporate business income tax forms.
How Does This Extension Work?
The Form 7004, is going to be a great friend of yours this tax season! You are able to take up to an additional 7 months to file your business tax forms!
For a business this amount of time can make a HUGE difference.
This Form is granted automatically and no reasons required for extensions as long as you submit this form to the IRS before your corporate income taxes are due. So, now let’s talk about these deadlines.
What Is The Deadline for S Corporations?
If you are an S corporation that is operating on a calendar year, your deadline is March 16, 2020.
S corporations are required to file their Form 1120-S to the IRS on the 15th day of the third month following the close of their tax year.
In order for an S corporation to successfully obtain an extension, Form 7004 must be submitted before midnight on this date.
What Is The Deadline For All Other Corporations
If you have not elected to be classified as an S corporation you will have a different deadline to adhere to.
Corporations are required to file their applicable form, Form 1120, on the 15th day of the fourth month following the close of their tax year.
Corporations that operate on a calendar year will have an April 15, 2020 deadline. Corporations seeking an extension on this form must complete and submit their Form 7004 no later than April 15, 2020.
How Do I File Form 7004?
This form can be either E-filed or paper filed. However, there are definitely benefits to filing this form electronically.
When you E-file Form 7004, you get an automatic extension without having to worry about it getting lost in the mail. At ExpressExtension we know that you want this process to be simple and speedy. When you file with us, your form is completed and on its way to the IRS in 2 minutes or less. You will get instant approval, and if you have any questions along the way, you can reach out to our US based team of experts!