eFile Form 7004 Now

Important Details

Let’s Understand Form 7004

What is IRS Form 7004?

Form 7004, also known as “Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns,” is an IRS form that is used to request an automatic 6-month extension to file (not pay) certain business tax returns.

Note: Filing Form 7004 is only for extending the filing deadline. The form does not extend the time to pay any taxes owed. Businesses filing an extension request must pay the tax due on or before the due date of the return.

Exception to the 6-month extension rule

The IRS has a few exceptions to the automatic 6-month extension rule for business tax filing.

Who files Form 7004?

Form 7004 is filed by the following corporations and entities to request an extension:

IRS Form 7004 Deadline

Form 7004 is filed by the original due date of the tax return for which the extension is being requested.

Penalties

Failure-to-File Penalty

If you fail to file your return and you don’t file a valid extension, you may face a failure-to-file penalty of 5% of the unpaid tax per month, up to 25%.

Failure-to-Pay Penalty

Even if you file for an extension, you’re still expected to pay your estimated taxes. If you do not pay, the IRS may charge 0.5% of the unpaid tax per month, up to a maximum of 25%.

Exception

If a corporation gets the filing extension and has paid at least 90% of the total tax due by the original due date (based on what’s shown on the return/Part II estimate) and then pays the rest by the extended due date, there is no late payment penalty (interest still applies on any unpaid amount from the original due date until it’s paid).

How to File IRS Form 7004?

To get an automatic 6-month extension to file certain business income tax, information and other returns, follow these three simple steps.

  1. Enter business information on Form 7004, such as name, EIN, and address.
  2. Enter tax details, including estimated tax liability (if applicable), any payments or refundable credits made, and the remaining balance due.
  3. Review the information and submit Form 7004 to the IRS to get an automatic 6-month extension.

Note: The IRS generally doesn’t send approval notices for extensions. You may be notified only if your extension request is rejected or invalid.

Looking for an efficient way to file Form 7004 online?

Get Started