How to Use Form 7004 for Extension of Time to File a Corporation Tax Return

A corporation can apply for an extension on filing their tax returns by way of Form 7004. If you think you may need the extra time, don't wait. Be proactive and file extension Form 7004 as soon as you recognize the need.

Instructions

Difficulty: Moderately Challenging

1. Determine if Form 7004 is necessary for your business. You file Form 7004 to request additional time to gather tax documents. The form doesn't grant an extension for paying your business taxes. Even if you file for an automatic extension, you must pay your taxes by the tax due date. Form 7004 also is known as the "Application for Automatic 6-Month Extension of Time to File Certain Business Income Tax, Information and Other Returns."
2. Obtain Form 7004 from the Internal Revenue Service website. Click on the appropriate link to download it.
3. Complete the form. Form 7004 contains three pages of instructions on how to complete it. If you have questions, speak to your accountant or visit the IRS website for further assistance.
4. Submit Form 7004 before the corporate tax deadline. The automatic 6-month extension is granted when accompanied by an estimate and a payment for the taxes you owe. You must pay the taxes to avoid penalties and late fees.

Tips & Warnings

• The government doesn't notify you if it approves your application. It only notifies you if it doesn't approve your request.
• If you have to file more than one return and would like an extension for each, you must complete a separate application for each tax form. Form 7004 doesn't cover a consolidated group of tax returns.