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What is the purpose for filing Form 7004?
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Use Form 7004 to request for an extension of time to file for certain business income tax returns, information and other returns. Form 7004 does not extend the time for payment of tax.
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Can I file for extension for more than one form on the same Form 7004?
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No, file a separate Form 7004 for each of the return you are requesting extension time to file. The extension request is only to the form identified in line 1a or 1b .
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Can I delay the payment of tax by filing Form 7004?
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No, Form 7004 does not extend the time for payment of tax.
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Requirements for completing Form 7004?
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- Tax ID – EIN number
- Form number that you are requesting an extension for
- Tentative total tax
- Total payments and credits
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What tax forms are included in Form 7004 and supported by our application?
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Form 1065
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Form 1041-N
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Form 1120-C
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Form 1120-ND (Section 4951 taxes)
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Form 1120-SF
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Form 8876
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Form 8804
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Form 1041-QFT
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Form 1120-F
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Form 1120-PC
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Form 3520-A
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Form 8924
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Form 1041 (Estate)
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Form 1042
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Form 1120-FSC
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Form 1120-POL
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Form 8612
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Form 8928
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Form 1041 (trust)
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Form 1065-B
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Form 1120-H
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Form 1120-REIT
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Form 8613
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Form 706-GS (D)
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Form 1066
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Form 1120-L
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Form 1120-RIC
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Form 8725
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Form 706-GS (T)
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Form 1120
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Form 1120-ND
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Form 1120S
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Form 8831
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Can I file an extension for a trust or an estate?
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Yes.
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If I choose the method of payment as EFW, why should I fill Form 8878-A also?
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This is for the ERO’s records. This form will not be submitted to the IRS but is an authorization for the ERO to make the payment.
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Once my Form 7004 is approved, when is my tax return due?
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It depends on the extended form – either 5 months or 6 months.
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Will I get a reply from IRS on the approval of extension?
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No, this is an automatic extension of time to file. You will not hear from IRS but if it is disallowed then IRS will send you a termination notice by mail and give you the termination date which will be 10days from the mailing date.
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Can Form7004 be electronically filed?
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Yes, you can file 7004 electronically for most forms except for Forms 8612, 8613,
8725, 8831, 8876, or 706-(GS)D. Fill these forms and deposit with IRS service center
given against the forms.
- Form 706-(GS)D : Department of Treasury, Internal Revenue Service Center, Cincinnati,
OH 45999-0045 or Private delivery Service: 201, W. Rivercenter Blvd., Covington
KY 41011-1424 Forms 8725, 8831, 8876, 8924: Department of Treasury, Internal Revenue
Service Center, Cincinnati, OH 45999-0045.
- Forms 8612, 8613: Department of Treasury, Internal Revenue Service Center, Cincinnati,
OH 45999-0045 or Department of Treasury, Internal Revenue Service Center, Ogden,
UT 84201-0045 (Based on the state or amount of tax check in i7004.pdf)
- Forms 8612, 8613: Department of Treasury, Internal Revenue Service Center, Cincinnati,
OH 45999-0045 or Department of Treasury, Internal Revenue Service Center, Ogden,
UT 84201-0045 (Based on the state or amount of tax check in i7004.pdf)
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Do I need to sign?
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No signature is required.
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Can I file 7004 before paying the tax due in line 8?
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No – you must pay the tax due and indicate the mode of payment made in line 8.
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When should I apply for automatic extension for filing returns?
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Form 7004 should be filed on or before the due date of applicable tax return. The due dates for filing can be found in the instruction of the applicable form.
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Is there a penalty for late payment of tax?
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Yes there is a penalty for late payment and also for late filing.
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What is tentative tax – line 6?
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It is the estimated tax for the tax year including non-refundable credits. Since it is an estimate it is expected that this amount is close to the actual tax amount. For corporations it is expected that this amount is at least 90% of the final tax amount.
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What are total payments and credits?
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It is amount of tax already paid and other write in credits as applicable in the tax return Form for which extension is sort
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Does every business qualify for automatic 6 month extension?
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No. Some foreign and domestic corporations which have offices or records kept outside of USA and Puerto Rico automatically qualify for 3 months extension. If they require further 3 month extension then they need to fill 7004 and check line 4. Similarly certain partnerships which have offices outside USA and Puerto Rico are given automatic 2 month extension to file returns. Fill 7004 for further 3 month extension and check line 4.
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What is a short tax year?
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A short tax year is a tax year which is less than 12 consecutive months. The reasons for a short year can be due to initial return, final return, due to consolidated return or due to change in accounting period. If change in accounting period is checked then the entity must have obtained prior approval from IRS by filing Form 1128 "Application to Adopt, Change or Retain a Tax year ".
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What is an Extension Form?
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Extension Form is an IRS application, used to apply for an automatic extension of time to file certain tax returns. For example, if you don’t have things ready for filing your tax return and need additional time to get things ready – you can apply for an automatic extension of time.
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What are the forms ExtensionTax.com currently supports?
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Form 7004 – Automatic extension of time to file certain business returns, information and other returns
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How do I make payments to IRS for the tax due?
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There are many ways to make payments to IRS for your tax due. They are
The easiest way of paying tax due is EFW by providing your bank details to IRS.
IRS withdraws the balance due from your bank account. There is no extra charge for
this.
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Which one is good – paper filing or e-filing?
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Paper filing takes approximately 45 days to process your tax return. E-file takes minutes to process your tax return. E-filing is fast, easy, simple and safe. 2 out of 3 people used e-filing in the last tax season. Considering the fact, e-filing is the best approach to file your tax returns.
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Is this extension for paying tax due?
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No. This extension application is only for automatic extension of TIME to file the tax return. Approximate Tax due needs to be paid before the tax return due date.
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When should I file the extension form?
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Generally, Form 7004 must be filed on or before the due date of the applicable tax return. Please visit our due date section for due dates of all tax returns.
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What if I do not pay the tax due before the due date?
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If you can’t pay the tax due to some legitimate reason, you need to submit a statement to your return fully explaining the reasons. Generally IRS may charge a penalty, if the return is filed after the due date (including extensions). To avoid such penalty, make appropriate payments along with your return on or before the due date.
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What are the returns supported by Form 7004?
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- 1065
- 1041 (estate)
- 8804
- 1041 (trust)
- 706-GS (D)
- 706-GS (T)
- 1041-N
- 1041-QFT
- 1042
- 1065-B
- 1066
- 1120
- 1120-C
- 1120-F
- 1120-FSC
- 1120-H
- 1120-L
- 1120-ND
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1120-ND(section 4951 taxes)
- 1120-PC
- 1120-POL
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1120-REIT
- 1120-RIC
- 1120-S
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1120-SF
- 3520-A
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8612
- 8613
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8725
- 8831
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8876
- 8924
- 8928
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Can I apply multiple forms with one Extension form?
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No. IRS does not allow using one extension form for more than one tax return. For each return, file a separate extension form.
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Can I maintain multiple forms with 1 user id?
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Yes. You can create just 1 user id and apply any number of extension forms for different tax returns.
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What is Error-Check?
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Error Check is a process, which happens before you transmit the extension form to IRS. It goes through each step and makes sure that your extension application is accurate. If there is any issues, you will be able to correct the issue right there before transmitting to IRS. This way, we will limit the rejections to the minimum and avoid any delay in processing your extension forms.
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