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IRS Extension Form 7004

Form 7004 provides an extension for businesses to file their tax return. However, any tax owed must be paid by the applicable tax return due date. Form 7004 provides an extension of time to file a tax return but does not provide an extension to pay any tax owed to the IRS. Failure to pay any owed tax will result in a penalty of a ½ % of any tax not paid by the due date and is charged for each month or part of a month that the tax remains unpaid. The penalty can be as high as 25% of the amount due. The penalty will not be charged if you can show reasonable cause for not paying any owed tax on time.

• Form 7004 generally extends the period of time to file to 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 5.5 -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.

Do not use Form 7004 to request an automatic extension of time to file Form 1041-A. Instead, use Form 8868. See the instructions for the applicable return for its due date.

Form 7004 has many different deadlines due to the different business types, if you would like an exact deadline date to file Form 7004, please refer to the IRS link that contains the exact deadlines to Form 7004.

IRS Extension Form 8868

Form 8868 allows tax-exempt organizations to request a 6-month extension to file their income tax return. All corporations required to file an income tax return other than Form 990-T (including 1120-C filers), partnerships, REMICs, and trusts must use Form 7004 to request an extension of time to file income tax returns. With an exception of Form 8870, Information Return for Transfers Associated with Certain Personal Benefit Contracts, for which an extension request must be sent to the IRS in paper format. Moreover, the trustee of a trust required to file Form 1041-A or Form 5227 must use Form 8868 to request an extension of time to file those returns. Any tax owed must be paid by the due date for the return for which the extension applies.

Trusts are required to file Form 990-T by the 15th day of the 4th month (April 15 for calendar year taxpayers) (including Employee plans, IRAs, SEPs, SIMPLEs, Coverdell ESA, and Archer MSA) should enter Return Code 05. Trusts are required to file Form 990-T by the 15th day of the 5th month (May 15 for calendar year taxpayers) and should enter Return Code 06. A Return Code is assigned to each return type. Enter the Return Code of the form this application pertains to in the Return Code Box.

990-N (Tax-exempt E-postcard)

Form 990-N is used by small tax-exempt organizations that have an annual reporting requirement and can satisfy the requirements by submitting Form 990-N, Electronic Notice (e-Postcard.) Form 990-N is submitted electronically, the IRS currently has no paper forms to submit Form 990-N.

Small tax-exempt organizations generally are eligible to file Form 990-N to satisfy their annual reporting requirement, if their annual gross receipts are normally $50,000 or less. A gross receipt is a total amount the organization receives from all sources during its annual accounting period, without subtracting any costs or expenses. If the gross receipt is over $50,000 the organization cannot file for Form 990-N the organization must file Form 990 or a 990-EZ Form. However, if a subordinate organization in a group exemption that is included in a group return filed by its central organization, does not need to file Form 990-N because the group return satisfies its annual reporting requirement.

If the organization fails to submit its e-postcard by the due date, the IRS will send a reminder to the address on file. Non-profit organizations should submit the required form, even if they are late the IRS will not penalize the organization for any late submissions. However, the IRS will not apply any late penalties due to failure of filing an e-postcard but will revoke the organization′s tax-exempt status if the organization fails to file an e-postcard for three consecutive years. The revocation of the tax-exempt status will happen after the filing due date of the third consecutively-missed year. The due date to file Form 990-N is every year by the 15th day of the 5th month after the close of your tax year. An organization cannot file an e-Postcard until their tax year ends.

IRS Form 1040 E-filing Services

Form 1040 allows to report the taxable income of United States residents. All income earned for the year and income reported in your W-2 and/or 1099s must report their
Form 1040 to calculate as part of AGI for the year. For 2021, the standard deduction amount has been increased for all filers.

The amounts are
Single or Married filing separately: $12,550
Married filing jointly or Qualifying widow(er): $25,100
Head of household: $18,800

If you e-file your return, there is no need to mail it. To request more time to file your Form 1040, the individual will need to file Form 4868 and you can get an automatic 6-month extension if, no later than the date your return is due, you file Form 4868. If you’re a calendar year filer and your tax year ends on December 31, the due date for filing your federal individual income tax return is generally April 15th of each year.

Note:If the deadline falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day.

You can see the instructions of Form 1040 by clicking here

1099 for Tax professionals

IRS 1099 series is a collection of tax forms for use in reporting taxable amounts individuals received during the years through certain activities not involving employment. Tax2efile offers a majority of 1099 series forms along with our premier e-filing service for quick and easy reporting to the IRS.

1098 E-filing Services-File your 1098 Forms

IRS Form 1098 is an information return used to provide IRS information about amounts paid by individuals and businesses during the tax year. Many amounts on a report on a 1098 series form can be used as a deduction on income tax. When you file your 1098 Form with Tax2efile you can have all your information reported to the IRS instantly through our electronic e-filing service.

Tax2efile users can choose to e-file Form 1098 with our easy-to-use self-service option or contact our customer support to ask about our hands-free premium service option