Like any other extension form of IRS, form 7004 provides and structured for an automatic extension of time for big business Houses, Corporations, big and small, partnerships and some trust organizations facilitating them to file their income tax returns on or before the prescribed due dates. They must file as mentioned in the IRS instructions manual of applicable returns.
Form 7004 supports several businesses income tax forms for their automatic extension of time to file their returns. They are –
Part I Automatic 5-Month Extension –
|Form 1065||Form 1041 (estate other than a bankruptcy estate)|
|Form 8804||Form 1041 (trust)|
Part II Automatic 6-Month Extension-
|Form 706-GS (D)||Form 1120-ND (section 4951 taxes)|
|Form 706-GS (T)||Form 1120-PC|
|Form 1041 (bankruptcy estate only)||Form 1120-POL|
|Form 1041-N||Form 1120-REIT|
|Form 1041-QFT||Form 1120-RIC|
|Form 1042||Form 1120S|
|Form 1065-B||Form 1120-SF|
|Form 1066||Form 3520-A|
|Form 1120||Form 8612|
|Form 1120-C||Form 8613|
|Form 1120-F||Form 8725|
|Form 1120-FSC||Form 8831|
|Form 1120-H||Form 8876|
|Form 1120-L||Form 8924|
|Form 1120-ND||Form 1120-ND (section 4951 taxes)|
|and Form 8928|
Form 7004 supports totally 34 business income tax forms with businesses getting 5-month extension and corporations big and small getting 6 month extension for filing their business income tax returns.
Form 7004 can be filed electronically for most returns through IRS certified service provider. However, Form 7004 cannot be filed electronically for Forms 8612, 8613, 8725, 8831, 8876, or 706-GS (D). If you do not file electronically, file Form 7004 with the Internal Revenue Service Center as provided in the instruction manual.
Corporations normally would file their 2013 calendar year income tax return (Form 1120), and would pay any tax due. If they require an automatic six-month extension of time to file the return, they have to file Form 7004 and deposit what is their estimate that they owe IRS.The extension is only for filing tax returns and it’s not a given time for paying dues.
Small Corporations would file their 2013 calendar year income tax return (Form 1120S), and would pay any tax due. They provide each share-holder with a copy of Schedule K-1 “Shareholder’s Share of Income, Deductions, Credits, etc.,” or a substitute Schedule K-1, If they require an automatic six-month extension of time to file the return, they have to file Form 7004 and deposit what is their estimate that they owe IRS.The extension is only for filing tax returns and it’s not a given time for paying tax dues.
Electing large partnerships provide each partner with a copy of Schedule K-1 which is form 1065-B “Partner’s share of Income and loss from an electing large partnership or a substitute K-1.Here-in the due date is applicable to pay some estimated tax dues and they can file form 7004 to extend the date for their filing of income tax returns.
Out of 34 forms for which 28 forms, the tax-extension form 7004 provide with their automatic extension of stipulated time say 5 months extensions for partnership businesses and 6 months extension for Corporations. These forms can be conveniently e-filed through IRS certified partner and service provider http://www.Etax7004.com