How To File A Tax Extension For An S-Corporation?


Tax Extension for S-Corp

March is a big month for businesses. Not only do they have to wrap up another great quarter, but they also have to file their business income taxes. Sometimes, you just can’t do it all! When this happens, it is time to consider filing a tax extension. 

S-Corporations operate differently from other business entities, and they have different IRS filing requirements as well. 

What Is A S-Corporation?

An S-Corporation is a corporation that chooses to pass through any gains, losses, and income to their shareholders.

S-Corporation status is assigned by the IRS, so if you’re wondering, “maybe my business is an S-Corporation”, it is definitely not. This status can only be attained by going through an application process and requesting this distinction from the IRS.

What Tax Form Is An S-Corporation Required To File?

The tax form that applies to S-Corporations is the Form 1120-S, the U.S. Income Tax Return for an S-Corporations. This form is designed to report the income, gains, and losses for the previous tax year. 

The deadline for Form 1120-S is March 16, 2020 for all S-Corporations that operate on a calendar year.

For S-Corporations that operate on a fiscal year, this is generally the rule…

The Form 1120-S is due on the 15th day of the third month after the close of their tax year. If the deadline falls on a weekend, the form will be due on the next business day. Please visit https://www.expressextension.com/extension-duedate-calculator/ to find out your deadline.

Is There An Extension for S-Corporation?

Yes! There is an extension for your S-Corporation business income tax form, it’s called the Form 7004. The Form 7004 is an automatic extension that is provided by the IRS for up to an additional seven months to file your Form 1120-S. There is no penalty or negative recognition associated with filing the Form 7004 and you aren’t required to provide any reason for needing an extension. 

Don’t forget that the Extension Form 7004 only applies to your business income tax return, your estimated tax payment is still due to the IRS by the original deadline.

How To File Form 7004?

Form 7004 can be either paper filed or electronically filed with the IRS, as long as it is filed before the S-Corporation’s Form 1120-S deadline. This form is actually much easier to file electronically. 

The ExpressExtension Solution to E-file Form 7004

ExpressExtension makes filing quick,  with an easy-to-follow, interview style process. Once the Form 7004 is completed we transmit it straight to the IRS for instant approval. This is an automatic extension so once it reaches the IRS, you are good to go! If your form is by some chance rejected by the IRS, ExpressExtension allows you to correct and retransmit your form for no additional charge. With ExpressExtension you can file your extension with confidence! 

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