IRS Form 7004 Overview
Business Tax Extension Form 7004 is used by Corporations, Entities, Partnership, Limited Liability Company, Certain Estates and Trusts to receive upto 7-months automatic extension to file their return.
Due Date to file Business Tax Extension Form 7004 for 2019 Tax Year
|March 16||Form 1120-S, Form 1065 Series, Form 1041 (Bankruptcy Estate only), Form 3520-A, Form 8804, Form 1042|
|April 15||1120 Series (Excluding Forms 1120-S and 1120-C), Form 1041 (Estate other than a bankruptcy estate) & Form 1041 (Trust)|
|Forms 1041-N, 1041-QFT, 1066 and 706-GS (T)|
|June 17||Form 1120 Series (excluding 1120-C), Form 1065 Series, Form 8804|
|September 15||Form 1120-C|
5-1/2 month extension
Automatic 5-1/2-month extension for An estate (other than a bankruptcy estate) and a trust filing Form 1041.
6 month extension
Automatic extension period for time to file is generally 6 months. Exceptions apply for certain filers of Form 1041 and for C corporations with tax years ending June 30.
7 month extension
C corporations with tax years ending June 30 are eligible for an automatic 7-month extension of time to file (6-month extension if filing Form 1120-POL).
Automatic 5-1/2-month extension
Receive a 5 ½ month Automatic Extension for Certain Estates and Trusts
|Form 1041 (Estate other than a Bankruptcy Estate)||Form 1041 (Trust)|
Automatic 6-month extension
The following IRS Forms are eligible for a 6-month Automatic Extension with Form 7004:
|Form 706-GS (D)||Form 706-GS (T)||Form 1041 (Bankruptcy Estate only)||Form 1041-N||Form 1041-QFT|
|Form 1042||Form 1065||Form 1065-B||Form 1066||Form 3520-A|
|Form 8612||Form 8613||Form 8725||Form 8804||Form 8831|
|Form 8876||Form 8924||Form 8928||-||-|
Automatic Extension for C-Corporations and Entities
6-month extension - C-Corporations and Entities with a tax year ending on December 31
7-month extension - Other C-Corporations and Entities with a tax year ending on June 30
6-month extension - If the tax year ends on any month except December 31 and June 30
The following IRS Forms are eligible for Automatic Extension of C-Corporations and Entities with Form 7004:
|Form 1120||Form 1120-C||Form 1120-F||Form 1120-FSC||Form 1120-S|
|Form 1120-H||Form 1120-L||Form 1120-ND||Form 1120-ND (Section 4951 taxes)||Form 1120-SF|
|Form 1120-PC||Form 1120-POL||Form 1120-REIT||Form 1120-RIC||-|
Steps to File Form 7004 Online
- Create an Account or Sign In
- Enter Basic Business Details such as Name, EIN, Address & Primary Contact
- Select the Business Entity type & Form you want to file an extension for
- If you owe the IRS money, you'll need to estimate the total income tax payment for the filing year
- Review, Pay & Transmit to the IRS
Avoid Late Filing Penalties
If you fail to file either a tax extension or tax return within the appropriate deadline (March 16, 2020 for most businesses and April 15, 2020 for most individuals), the IRS will charge interest and penalties on any unpaid Federal taxes.
If you do not file and you owe taxes, the failure-to-file penalty is 5% per month (up to 5 months) of the amount due. If your return is more than 60 days late, you may be subject to a $135 minimum penalty. The IRS will also impose a failure-to-pay penalty of 0.5% per month (up to 25%) of the amount due if you file a return or extension, but don’t pay all your taxes on time.