Tag Archives: extension of time for business income tax

Form 7004 deadline is around the corner, March 15 is the Due Date

The Business Income Tax Filers can extension the deadline beyond March 15 by reporting Business Income Tax Extension Form 7004 by March 15th for certain business types. Even though you are filing an application for an extension, you must pay any taxes due by the regular tax return due date, depending on your business type. There is only one extension allowed per tax year. You can’t keep getting multiple extensions.

Maximum extension period.

The automatic extension period for time to file is generally 6 months. Exceptions apply for certain filers of Form 1041 and for C corporations with tax years ending June 30. An estate (other than a bankruptcy estate) and a trust filing Form 1041 are eligible for an automatic 5½-month extension of time to file. C corporations with tax years ending June 30 are eligible for an automatic 7-month extension of time to file (6-month extension if filing Form 1120-POL). See the instructions for Part II, lines 2 and 4, for exceptions for foreign corporations, certain domestic corporations, and certain partnerships with books and records outside of the United States and Puerto Rico. The due date varies based on the tax filing period and the type of business you operate.  Continue reading

Time to start working with your Business Income Tax Extensions that is getting due this March 15.

Tax time and you mush be getting your papers consolidated to report them with the IRS. In case if you’re not ready and need extra time to work with your tax returns, you could report an extension request to push your actual deadlines. Electronically report an Tax Extension Form 7004 with the IRS to push your deadlines from March 15 to September 15 and for certain businesses it is due on April 15 and push that to October 15.

2018 Tax Return Due Dates for Business Types 

  • Sole proprietorship and single-member LLC tax returns on Schedule C (with the owner’s personal tax return): April 15, 2019.
  • Partnership returns on Form 1065 with Schedule K-1 for each partner: March 15, 2019.
  • Multiple-member LLC returns on Form 1065 with Schedule K-1 for each member: March 15, 2019.
  • Corporation and S corporation returns on Form 1120 S with Schedule K-1 for each member: March 15, 2019.

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IRS provides additional day to file and pay for taxpayers through Wednesday, April 18; IRS processing systems back online

In the latest IRS release (Issue Number: IR-2018-100), April 17th Deadline is pushed to April 18th, as there was a system issue and tool some time to set it right. Here is the details from the IRS release.

WASHINGTON — The Internal Revenue Service announced today that it is providing taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. Individuals and businesses with a filing or payment due date of April 17 will now have until midnight on Wednesday, April 18. Taxpayers do not need to do anything to receive this extra time.

The IRS encountered system issues Tuesday morning. Throughout the system outage, taxpayers were still able to file their tax returns electronically through their software providers and Free File. Taxpayers using paper to file and pay their taxes at the deadline were not affected by the system issue.

“This is the busiest tax day of the year, and the IRS apologizes for the inconvenience this system issue caused for taxpayers,” said Acting IRS Commissioner David Kautter. “The IRS appreciates everyone’s patience during this period. The extra time will help taxpayers affected by this situation.”

The IRS advised taxpayers to continue to file their taxes as normal Tuesday evening – whether electronically or on paper. Automatic six-month extensions are available to taxpayers who need additional time to file can visit https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return.

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