Form 7004: Simplified Filing for Business Income Tax Extensions
Automatic Extension for Select Business Tax Returns
Form 7004, the Application for Automatic Extension of Time to File Certain Business Income Tax Forms, allows businesses to request an automatic six-month extension to file their tax returns. This extension applies to various business income tax forms, including Form 1120 (Corporate Income Tax Return), Form 1120-S (S Corporation Income Tax Return), Form 1065 (Partnership Return of Income), and Form 1041 (U.S. Income Tax Return for Estates and Trusts).
Filing Deadline and Submission Process
To receive the automatic extension, businesses must file Form 7004 by the original tax return due date. This deadline is generally April 15th for most businesses. The form is relatively straightforward and requires basic information, such as the business's name, taxpayer identification number (TIN), and the request period.
Where to File Form 7004
The appropriate filing location for Form 7004 varies depending on the business's location:
- Domestic Filers: Mail Form 7004 to the Internal Revenue Service (IRS) address listed on the form.
- Foreign Filers: Mail Form 7004 to the Ogden Service Center at the address provided on the form.
Additional Considerations
Businesses granted an extension are required to pay any taxes due by the original deadline. Failure to pay may result in penalties and interest charges. It's important to note that while Form 7004 grants an extension to file, it does not extend the time to pay taxes owed. Additionally, businesses should consider filing for an extension before the due date to avoid potential penalties.
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