Get More Time to File Business Tax Return With Form 7004
eFile IRS Form 7004 electronically to request a 6-month extension for qualifying business tax returns with real-time acceptance tracking, automated accuracy checks and built-in compliance validations.
Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns
Important Details
Let's Understand Form 7004
What is IRS Form 7004?
Form 7004, also known as “Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns,” is an IRS form that is used to request an automatic 6-month extension to file (not pay) certain business tax returns.
Exception to the 6-month extension rule
The IRS has a few exceptions to the automatic 6-month extension rule for business filing.
- Organizations required to file Form 1041-A cannot use Form 7004. They must use Form 8868 to request an extension.
- Estates (other than a bankruptcy estate) and trusts are eligible for an automatic 5½-month extension.
- C-corporations with a tax year ending June 30 and beginning before January 1 are eligible for an automatic 7-month filing extension.
Who files Form 7004?
Form 7004 is filed by the following corporations and entities to request an extension:
| Business Type | Forms Covered |
|---|---|
| C-Corporations | Form 1120, Form 1120-PC, Form 1120-C, Form 1120-POL, Form 1120-F, Form 1120-REIT, Form 1120-FSC, Form 1120-RIC, Form 1120-H, Form 1120-SF, Form 1120-L, Form 1120-ND |
| S-Corporations | Form 1120-S |
| Partnerships & Multi-member LLCs (taxed as partnerships) | Form 1065, Form 1065-B, Form 8924, Form 8928, Form 8804 |
| Estates and Trusts | Form 1041, Form 1041-N, Form 1041-QFT, Form 706-GS(T), Form 706-GS(D) |
| Tax-Exempt Cooperatives | Form 990-C, Form 1120-C |
| Real Estate & Investment Entities | Form 1066, Form 1120-REIT, Form 1120-RIC |
| Foreign Entities and Withholding Other Entities | Form 1042, Form 1120-F, Form 3520-A |
| Other Entities | Form 1120-H, Form 1120-L, Form 1120-ND, Form 1120-PC, Form 1120-POL, Form 8612, Form 8613, Form 8725, Form 8831, Form 8876 |
IRS Form 7004 Deadline
Form 7004 is filed by the original due date of the tax return for which the extension is being requested.
- For C-corporations: Typically, April 15th for calendar year, or the 15th day of the 4th month after the tax year ends.
- For partnerships and S-corporations: Typically, March 15th for the calendar year, or the 15th day of the 3rd month after the tax year ends.
Penalties
Failure-to-File Penalty
If you fail to file your return and you don't file a valid extension, you may face a failure-to-file penalty of 5% of the unpaid tax per month, up to 25%.
Failure-to-Pay Penalty
Even if you file for an extension, you're still expected to pay your estimated taxes. If you do not pay, the IRS may charge 0.5% of the unpaid tax per month, up to a maximum of 25%.
Exception
If a corporation gets the filing extension and has paid at least 90% of the total tax due by the original due date (based on what's shown on the return/Part II estimate) and then pays the rest by the extended due date, there is no late payment penalty (interest still applies on any unpaid amount from the original due date until it's paid).
How to File IRS Form 7004?
To get an automatic 6-month extension to file certain business income tax, information and other returns, follow these three simple steps.
- 1Enter business information on Form 7004, such as name, EIN, and address.
- 2Enter tax details, including estimated tax liability (if applicable), any payments or refundable credits made, and the remaining balance due.
- 3Review the information and submit Form 7004 to the IRS to get an automatic 6-month extension.