IRS Business Extension Tax Form 7004

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.

Key Takeaways

• Sole proprietors, partners in partnerships, LLC owners, and S corporation owners report their business earnings on their personal tax returns (Form 1040 or 1040-SR) then use Form 4868.
• Use Form 7004 to file an extension application for a business tax return, including partnerships, S corporations, or corporations. The due date of the application is the 15th day of the third month after the close of the business's tax year
• Form 1065 is due on the 15th day of the 3rd month after the end of the partnership's tax year, so the partnership return due date is normally March 15 for a December 31 year-end.
• Corporations and partnerships use Form 7004 to file an extension application for the business (not the individual owners). This includes corporations, S corporations, and multiple-member LLC businesses filing as partnerships, corporations, or S corporations.

Business Tax due dates

Here are the tax return due dates for small business taxes,

• Sole proprietorship and single-member LLC tax returns on Schedule C with the owner's personal tax return: April 15
• Partnership tax returns on Form 1065: March 15
• Multiple-member LLC returns filing partnership returns on Form 1065: March 15
• S corporation returns on Form 1120 S: March 15
• Schedule K-1s for partners in partnerships, LLC members, and S corporation shareholders on their personal tax returns: April 15
• All other corporations with fiscal years ending other than December 31: the 15th day of the 4th month after the end of the fiscal year.

The IRS will grant only one filing extension per return per year.

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IRS Exempt Business Extension Tax Form 8868

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.