Form 7004 Business Income Tax Extension Due This March 15

Form 7004 Business Income Tax Extension – A Complete Overview

Filing for business extension tax is essential for all businesses when they cannot complete their tax reports on time. Because businesses face many challenges while filing their tax reports perfectly with the IRS, the time constraint is the major challenge. And the deadline is nearby to pay and file your complete business income tax returns. Every year IRS keeps the deadline on the 15th of the third month, which is March 15, 2022 (for S-Corp, LLC’s etc), for few business owners to file their business income taxes, others it is April 18,2022 (for Corporates etc). For the businesses that cannot submit the tax returns on time, IRS gives an automatic tax extension time to complete all the formalities and submit the tax reports properly. 

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March 15, 2022, is the deadline to apply for tax extensions for your business taxes.

Hello taxpayers, IRS offers tax extensions to report your business tax forms 1120, 1165, 1120S, and other associated business tax forms for additional six months. You should file the tax extension Form 7004 to the IRS to apply for tax extensions for submitting your business tax reports. However, IRS doesn’t allow any extension for your tax payments. You should estimate the tax amount and pay them fully before the deadline for your respective business tax form for your business/organization.

Deadline to pay your business tax returns!

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Face-to-face IRS help available in more than 30 cities on Saturday, March 12

The Internal Revenue Service on march 4, 2022 announced that many Taxpayer Assistance Centers (TACs) will offer face-to-face Saturday help without an appointment from 9 a.m. to 4 p.m. on Saturday, March 12. Normally TACs are only open weekdays.

“Being open on select Saturdays is offered for people to get the help they need when they need it,” said IRS Wage and Investment Division Commissioner and Taxpayer Experience Officer Ken Corbin. “We know that many taxpayers work during the week or have other obligations that make it difficult to get away to take care of their taxes during our routine business hours. We’re here to help, and people don’t need an appointment during these special Saturday hours.”

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For Illinois and Tennessee tornado victims, IRS extends 2021 tax-filing deadline, other deadlines to May 16

The victims of Illinois and Tennessee on December 10, 2021 suffered big damage.

Victims of this tornadoes (in parts of Illinois and Tennessee) will have until May 16, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. This is the same relief already provided to storm victims in Kentucky.

Following last week’s emergency declarations issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to taxpayers affected by storms, tornadoes and flooding that took place starting on Dec. 10 in parts of Illinois and Tennessee. Currently, relief is available to affected taxpayers who live or have a business in Bond, Cass, Coles, Effingham, Fayette, Jersey, Macoupin, Madison, Montgomery, Morgan, Moultrie, Pike and Shelby counties in Illinois and Cheatham, Decatur, Dickson, Dyer, Gibson, Lake, Obion, Stewart and Weakley counties in Tennessee. But the IRS will provide the same relief to any other localities designated by FEMA in these or neighboring states. The current list of eligible localities is always available on the disaster relief page on IRS.gov, including numerous counties in Kentucky announced last week. Continue reading →

Oct. 15 deadline approaches for taxpayers who requested extensions to file 2020 tax returns

The Internal Revenue Service reminds taxpayers about the upcoming October 15 due date to file 2020 tax returns. People who asked for an extension should file on or before the extension deadline to avoid the penalty for filing late. Electronic filing options, such as IRS Free File, are still available.

Although October 15 is the last day for most people to file, some taxpayers may have more time. They include:

Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.
Taxpayers in federally declared disaster areas who already had valid extensions. For details, see the disaster relief page on IRS.gov.

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