What S-Corporations Need to Know About Form 7004 for Tax Year 2021

Need more time? E-file Form 7004!

March is a big month for businesses. While your year-end tax filings are behind you, the hustle is not over! Many businesses are required to file their business income taxes on March 15, 2022. 

Sometimes time gets away from us, and in the business world, something always comes up! 

Because S-Corporations operate differently from other business entities, they have different IRS filing requirements, however, they have the option to file an S-Corp tax extension with the IRS. 

How is an S-Corporation Defined?

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

S-Corporation status is assigned by the IRS, so if you have to wonder, “maybe my business is an S-Corporation”, it is probably not. This status can only be attained by going through an application process and requesting this distinction from the IRS. So in the easiest of terms S-corporations are aware that they are S-corporations. 

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

S-Corporations are required to Form 1120-S, the U.S. Income Tax Return for an S Corporations with the IRS each year. This form is designed to report the income, gains, and losses for the previous tax year. 

The deadline for this form is March 15, 2022, for all S-Corporations that operate on a calendar year.

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

Form 1120-S is due on the 15th day of the third month after the close of the tax year. If the deadline falls on a weekend, the form will be due on the next business day. 

What Extension Form Should I File for Form 1120-S? 

There is an extension for your business income tax form, it’s called Form 7004. 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 Form 7004 and you aren’t required to provide any reason for needing an extension. 

Don’t forget that 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

IRS Form 7004 can be either paper filed or e-filed with the IRS, as long as it is filed on or before the S-Corporation’s Form 1120-S deadline. This form is actually much easier to file electronically. When e-filing you will get IRS notifications, while when filing a paper copy you won’t. 

E-file Form 7004 with ExpressExtension in Minutes!

ExpressExtension offers a streamlined e-filing process that simplifies the extension process. Once the 7004 Form is completed, it is transmitted to the IRS for approval. This is an automatic extension so once it reaches the IRS, we will notify you with status updates. 

We also offer you another level of confidence with our ExpressGuarantee! Under our ExpressGuarantee we guarantee your IRS approval. The filing fee of forms that are rejected due to duplicate filing will be refunded. 

Ready to get started? Spend about 6 minutes filing your extension to get up to 6 additional months to complete your business tax return!


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