Form 7004 is known as Application for Automatic Extension to File Certain Business Income Tax, Information, and Other Returns. When you complete the form, the automatic extension period of time to file is generally 6 months by the IRS (some businesses get the maximum extension allowed from the due date of your return to file the return based on the business type and tax years ending).
Different type of business entities like corporations, general partnerships, limited liability companies, limited liability partnerships, and sole proprietorships will file tax returns in different ways as directed by the IRS.
The extension for filing your business income tax forms can't extend the payment deadline. You must calculate and pay any income taxes and self-employment taxes by the due date of the form. To avoid IRS penalties for underpayment and late payment, you should pay at least 90% of the tax due.
Here are the tax return due dates for small business taxes,
Tax Extension for Charities. Nonprofits and Tax-Exempt Organizations use Form 8868 to request an automatic 6-month extension of time to report the actual tax return. This is an automatic 6-month extension of time to file instead of the previous 3-month automatic extension and subsequent request for an additional 3-month extension.
In general, exempt organizations are required to file annual returns, although there are exceptions. If an organization does not file a required return or files late, the IRS may assess penalties. In addition, if an organization does not file as required for three consecutive years, it automatically loses its tax-exempt status.
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