IRS Form 7004 is called as Application for Automatic Extension of time to file certain Business Income Tax Information, and Other Returns. From the very name of this form, it can rightly be concluded that this form is best suited for all those business entities trying to file their five or six month’s federal tax extension legitimately. Some points that comprehensively explain everything important about Form 7004 have been detailed below:
Extension is permitted and even held valid if the criteria mentioned below are met properly:
• Form 7004 solely needs to be filled properly without any scope of interpretation and even without ambiguity.
• Tax estimation, if applicable, needs to be perfect or correct.
• It is mandatory to fill the form within the due dates. Along with this, the tax that is owed should be paid in the correct manner.
Verifying the Extension Period
It is important for the tax payers to check the Line number and the Part number they fall under for judging their time eligibility.
• 6-month Extension: A type of return is eligible for a 6 month extension automatically if it matches with the ones highlighted in Part II Line 1b.
• 5-month Extension: A type of return is eligible for a 5 month extension if it matches with part I Line 1a of form 7004.
• It is also necessary for the tax payers to scrutinize or go through Lines 2 and 4 prior to choosing their specific extension period.
• Line 2: This is for the foreign corporations not having a business place or an office in the entire United States.
• Line 4: Line 4 is applicable for selected domestic and foreign partnerships and corporations.
Internal Revenue Service or the IRS possesses the right of cancelling the extension on valid grounds. A notice of termination will genuinely be mailed to an entity or an individual 10 days before the termination date.
Filling Up Form 7004
Form 7004 can either be filled offline or online. Online filling can easily be carried out at the official website of the IRS. Online form filling on IRS’s website is completely free. However, the form filling can also be carried out manually. This can be done by getting the form from one of IRS’s local outposts.
Tax payers also have the flexibility of getting the form printed from IRS website. Once the manual or online filling of the form is complete, it needs to be mailed to an IRS authority. Remember, that there is no signature needed in the form. The applicant is not notified by the IRS in case his or her application is approved. However, the IRS informs an applicant if his or her application has been rejected.
The due date for paying tax is mandatory for IRS is concerned with all the forms circulated for filing for various income tax returns as it named. Form 7004 which supports certain forms as prescribed by IRS for the automatic extension of time viz., 5 months or 6 months period is only elongate the time period of ones filing of tax returns.IRS is not giving any allowances to regarding paying the taxes beyond the due dates as applicable. The due date payment – paid or not paid for even the supporting forms concerned with the automatic extension of time for IRS to decide on the merits or de-merits pronouncing the interest and penalties concerning each form that is formed under the form 7004.
The IRS form 7004 in itself covers support for automatic extension of time for certain forms as structured by IRS and Congress, which we can see as per the instructions of each form of IRS under form 7004 eligible to take up the request through for automatic extension of time say 5 months period or 6 months period as the case may be. The due dates are for automatic 5 months extension period form is as follow
FORM 1065 – U.S.Return of partnership income- In USA, domestic partnership companies file by April 15th every calendar year. They can use form 7004 to get their time extended for filing returns by another 5 months say September 15th in a calendar year if at all they want to seek a time of extension through form 7004.
The extension of filing is granted to partnership companies in USA where-in the partners operate from other country with records and books of account outside USA, the due date as June 15th every calendar year with inbuilt 2 months granted by IRS without form 7004 filing. The outside of USA partnership companies may enjoy additional automatic extension of time for filing returns for another 3 months extended using the form 7004 which also landing on September 15th as due date in a calendar year.
This is only a kind of privilege allowed to file tax returns in the time given as five months extension period and not the taxes to be paid on the due date with the form 7004.So the taxes based on general calculations as per the account statement of a partnership company whether in USA operating or from outside but operating in USA should file by due date on or before April 15th but can file returns with the use of form 7004 in the case of both partnership companies operating in USA or from outside of USA by September 15th will be the message. However the penalties and interest for the lapsed taxes not paid during the period up to September 15th may be weighed by IRS that may force the partnership company to pay for the lapsed tax amount.
Partnership companies now have an easy access of their tax e-filing on or before the due dates through IRS certified service partner http://www.Etax7004.com
REGISTER NOW and File your Business Tax Extension Today
Form 7004 is special IRS form that you use to apply for an automatic extension time to file certain business income tax returns. Today we are going to talk about who needs to use this form and see if it is better to file form 7004 online or through the mail.
What is form 7004 used for?
The Form 7004 can be used to file an automatic extension in your filing deadline for many different tax returns. If you need to fill out from 990-C, 1041 (estate), Form 1041-N, Form 1041-QFT, Form 1042, Form 1065, Form 1065B, Form 1066, Form 1120, Form 1120-F, Form 1120 FSC, Form 1120 H, Form 1120-L, Form 1120-ND (section 4951 taxes), Form 1120-PC, Form 1120-POL, Form 1120-REIT, Form 1120-RIC, Form 1120S, Form 1120-SF, Form 3520-A, Form 8804, Form 706-GS (T), Form 8612, Form 8613, Form 8725, Form 8831, Form 8876, Form 706-GS (D). There are some forms that are not able to be filed online and they are 7004, Form 8612, Form 8613, Form 8831, Form 8876, and Form 706-GS. These forms must be submitted through the mail due to regulations and please make sure you allow for enough time to mail your Form 7004 on time. You must fill out the proper code of which tax return you will be filing in the future. There is a list of codes available on this website, so be sure to check which one works best for you.
What else do I need to know about Form 7004?
Filing form 7004 online does not have to be a hard process, especially when using Etax7004.com. We have a seven step system that makes it easy to understand and very affordable for every business owner. Certain returns are eligible for a 5 month extension and others are able to ask for a 6 month extension, it all depends on which code you use. We can help you figure that out as well and walk you step by step through the whole process. We also offer 24 hours a day an 7 days a week customer support if you need any help or have any questions. We also offer single account processing and unlimited online filing, so you can keep track of everything all in one place. With www.Etax7004.com there is no software to download, all information is kept on our secure site, and all information is kept for up to two years. That way if you ever need to come back to any of your information it will be guaranteed to be there. Our prices start at only 14.99 and we have lower prices than our competitors and guarantee incredible customer service and great ease of filing.
Filing form 7004 does not need to be difficult at all, and we will make the process as easy as we can. There are a lot of different forms this form covers for an extension, so using our online filing is a great choice at a low price.
Tax time is a busy time for everyone. The beginning of the year businesses are readying their returns and sending them out to their employees as well as doing their own. Sometimes getting things in order takes longer than expected, and the IRS is aware of this. However, they are not particularly lenient with late payments without an official extension. For personal or business returns it is important to file an extension with the IRS to avoid penalties such as fees, audits, and tax evasion charges. The form for extending your deadline to file most business returns is the IRS Tax Form 7004.
What is IRS Tax Form 7004?
Form 7004 is the application for automatic extension of time for filing certain business income tax, informational, and other returns. The Form 7004 Extension can be used by corporations, partnerships, other small businesses, and certain trusts. There are three parts to this extension form, part three is for everyone and you will file part one or two depending on the type of tax extension being requested.
The extension form is to be used if you will not be able to file your corporate income tax return on time by the original due date. Officially requesting an extension will save you from late fees and the possibility of a tax evasion suit in the future.
Filing Extension Form 7004
This form is valid for extending several tax returns and there are two different ways to file for the extension. The form can either be mailed in or submitted via e-file. For forms 8612, 8613, 8725, 8831, 8876, and 706-GS(D) extension forms must be mailed in to the appropriate address. However, for most others e-file is appropriate. There are a few options for e-filing form 7004. A tax preparer can file the form for you, either by mail or e-file, you can file the form yourself through a third party – such as Etax7004.com – or you can go to www.IRS.gov and use one of their e-filing options.
Remember that an extension is for you to extend your due date for the current year’s tax return, not for any payments. Form 7004 will not extend any payment deadline for taxes due. Issues regarding payment must be dealt with separately and payment must be made on time unless otherwise arranged with the IRS.
Filling out the form is easy and is available at www.IRS.gov as a PDF form that you can edit, save, and print right from the website to mail in or e-file. Extension forms should be submitted before the original deadline to file your return, otherwise you will still be considered “late” and may incur penalties. E-filing your 7004 form ensures that the form will be received in a timely manner and you will have automatic confirmation of the delivery, meaning you can file your extension closer to the deadline without chancing missing it. It also means that mail delays will have no effect on the delivery of your documents.