How to File an Extension Application for Corporate or Partnership Tax Return

Extension Application for Corporate or Partnership Tax Return

By John Wolf  Decembre 2nd 2018

Extension Application for a Business Income Tax Return

Form 7004 is what you need to fill and file if you need an automatic Extension Application for filing the tax return for your business no matter if it is a partnership or LLC or other kinds of corporation.

The time to file this application is your due date for business tax return. Once you filed it is automatically confirmed, you do not have to wait for the confirmation.

The extension’s due date must file your return.

Keep in mind to have this dates that you can not pass.

(a) The applications due date (b) The extended tax return due day. An important reminder.

Income Taxes Have to Be Paid by Due Date

The IRS says,

“If you do not file your return and pay your tax by the due date, you may have to pay the penalty. You may also have to pay the penalty if you substantially understate your tax, understate a reportable transaction, file an erroneous claim for refund or credit, or file a frivolous tax submission. If you provide fraudulent information on your return, you may have to pay a civil fraud penalty.”


Due Dates for Returns and Extension Applications

You can not file for an extension after the due date of the tax return.

The due date can be changed if it falls on a weekend or holiday, it will pass to the next business day.

The tax return due day must file extension applications for business taxes. Naturally, it will be an estimation and be paid no later than the due day. The extension does not free you from paying your tax on time. At the end of the extension, you will update your tax return and pay extra taxes or get a return payment from the IRS.

Corporate Tax Return Due Day and Extension Due Date

Extension Application Due Date: Tax return for corporations due day is the 15th day of the fourth month

 Due Date for Extension Application:

The due date for Corporation tax-returns is payable on the 15th day of the 4th month after the final of the company’s fiscal year, on Form 1120. A business with a year-end date of December 31 must file and pay taxes by April 15. This is the same date that the extension application must be submitted.

Deadline for Submitting Extended Return: Corporations have half a year from the extension application due date to file the tax return. It means that a business would have up to the 15th of October to file the partnership businesses tax return.

Partnership Tax Return Due Date and Extension Due Date

The tax return due day must file extension applications for business taxes.

Extension Application Due Date:

The due day for partnerships and multiple-member LLC tax returns using form 1065 is the 15th day of the 3rd month after the end of the fiscal year.

For a December 31 year-end, it will be the 15th of March, the date that you have to file the extension.

Extended Return Due Date: 

Partnerships and multiple-member LLC’s should file up to six months of the extension due date for filing a tax return

A partnership business would have until the 15th of September for filing the partnership tax return.


Due Date and Extension Due Date of an S Corporation Tax Return

Due Date of an Extension Application: 

December 31 year-end has to be taken by an S Corporation to coincide with the owners’ tax return date; it means that the tax return of the S corporation will be due at March 15, using form 1120-S. The same date is the due date for the extension to be filed.

S corporations have to take the 31st of December year-end to coincide with the individual tax return due date of its owners, so S corporation tax returns are due March 15, filed on Form 1120-S. It is also the same date when the extension must be submitted.

How to fill the Form 7004 for the Business Tax Return Extensions

The form 7004 is the one you have to use for filing an extension application for corporations, S corporations, partnerships, and multiple-member LLC’s

The short Form 7004 IRS only requires you to:

Fill your Tax ID and address for your company

Enter your tax return code. See the code list below:

  • Code 25 for an S corporation (Form 1120-S

  • Code 09 for Partnership or Multiple-member LLC (Form 1065)

  • Code 12 will be for a Corporation (Form 1120)

  • If the extension application is for a corporation (Form 1120), enter Code 12.

To fill the form you have to add your business qualifies according to the Regulations section 1.6081-5.

Section 1.6081-5 is related to foreign corporations, domestic corporations which make business and keep books offshore. Or domestic corporations whose main source of income comes from the United States possessions.

You have to write if it is a short tax year, do not forget to check for the reason it is a short year.

Show what is your tentative total amount for tax for this year.

You will have to show the balance of your payments and credits and subtract it from the total tentative tax.

The last thing to do is showing the balance due to pay and pay by your business card 

How you can file the Form 7004

You can use one of two ways to submit the form 7004, by mail or by e-filing.

You can read in the IRS online chart showing where to file Form 7004.  It is according to the type of tax return being filed and the location of your corporate type.

Using a tax preparer service makes your life easier and your pocket lighter, you may save the money by using the IRS service  Modernized E-File system to e-file your extension application.

Tax return extension application can be filed using online using software made for this. You can try doing it yourself or ask your tax preparer to do it for you.

You can find the information from the IRS about Form 7004 (PDF)