Form 7004 is an IRS form used to request an automatic extension of time to file certain business tax returns. Filing this form can give businesses additional time to file their tax returns without incurring penalties. In this blog post, we’ll provide a step-by-step guide to filling out Form 7004 and links to where it can be submitted.
Step 1: Determine Which Tax Returns You Need to File for Your Business
The first step in filing Form 7004 is to determine which tax returns your business needs to file. The form can be used to request an extension for the following tax returns:
- Form 1065 (Partnership)
- Form 1120 (Corporation)
- Form 1120-C (Cooperative)
- Form 1120-F (Foreign Corporation)
- Form 1120-FSC (Foreign Sales Corporation)
- Form 1120-H (Homeowners Association)
- Form 1120-L (Life Insurance Company)
- Form 1120-ND (Nuclear Decommissioning Trust)
- Form 1120-PC (Property and Casualty Insurance Company)
- Form 1120-POL (Political Organization)
- Form 1120-REIT (Real Estate Investment Trust)
- Form 1120-RIC (Regulated Investment Company)
- Form 1120-S (S Corporation)
Step 2: Gather the Necessary Information
Before filling out Form 7004, you’ll need to gather some information. This includes:
- Your business name and address
- Your business tax ID number (EIN)
- The tax year you are requesting an extension for
- The tax return you are requesting an extension for
- An estimate of the amount of tax you owe
Step 3: Fill Out Form 7004
Once you have all the necessary information, you can begin filling out Form 7004. The form is divided into several sections:
- Section 1: Identification
- Section 2: Part I – Automatic Extension
- Section 2: Part II – Additional Extension for Certain Foreign Corporations
- Section 3: Explanation of Extension
- Section 4: Signature and Date
In section 1, you’ll provide basic information about your business, including your name, address, and EIN. In section 2, you’ll indicate which tax return you are requesting an extension for and whether you are requesting an additional extension for a foreign corporation. In section 3, you’ll provide an explanation for why you are requesting an extension. Finally, in section 4, you’ll sign and date the form.
Step 4: Submit Form 7004
Once you’ve filled out Form 7004, you’ll need to submit it to the IRS. There are several ways to submit the form:
- Electronically: You can submit Form 7004 electronically through the IRS e-file system. To do this, you’ll need to use an approved e-file provider.
- By mail: You can also submit Form 7004 by mail. The address to send the form to will depend on your location and the type of tax return you are requesting an extension for. The IRS provides a list of addresses on their website.
- By fax: Some taxpayers may also be able to submit Form 7004 by fax. The IRS provides a list of fax numbers on their website.
It’s important to note that filing Form 7004 does not extend the time to pay any taxes owed. You’ll still need to estimate and pay any taxes owed by the original due date of the tax return.
In conclusion, Form 7004 is a useful tool for businesses that need additional time to file their tax returns.