It so happens that each time when tax due date is nearing; we have no time in hand to sit and categorize our documents in order to report tax to the IRS. And when we know the heavy penalties included, none of us would take a chance to file the form a day later. And that is the main reason, IRS have considered the same and introduced form 7004 as an application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.

Deadline for Form 7004
Due date for filing an automatic 5/6 month extension for your business is always on March 15th. Normally the due date for the corporate income tax return always falls on the 15th day of the third month. But for this year, the deadline for filing your return is March 16th as the date March 15th falls on a weekend, so the deadline is pushed to the next business day, which is Monday, March 16th.
Forms that apply for corporate tax returns are Forms 1120, 1120A and 1120S. Form 1120 is for the C-corporations for filing a tax return. Form 1120A is a shorter version of Form 1120 used by corporations for filing a tax return, Form 1120S is used by S-corporations(domestic corporation selected to be taxed as a corporation) to report the income gained, losses, deductions, credits etc. Continue reading →