Extend your US Corporate Tax Filing by 6 months

The deadline for filing Form 7004 for 2022 has now passed. Register now with Inkle for your other filings!

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What is Form 7004?

File Form 7004 if you wish to apply for a 6-month extension to the US Corporate Tax Filing deadline.

Corporations that use IRS Form 1120 to file annual federal taxes with a calendar year-end date of December 31 should file Form 7004 on or before the corporate tax deadline. With the six-month extension, your new due date is October 15.

  • Note that Form 7004 does not extend the time to pay any tax due.
  • If your US corporation made any profits, you'll need to pay 21% of this in tax to the IRS by 15th April for Calendar year companies.

When is the deadline to file Form 7004 for C Corporations?

C Corporations must file Form 7004 on or before the original deadline of their tax return Form 1120, which is by the 15th day of the 4th month after the taxable year ends.
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The deadline for C-Corporations following the calendar tax year is April 18, 2023.

What are the penalties for filing Form 7004 Late?

Suppose you fail to file a 7004 tax extension or tax return within the appropriate deadline (March 15, 2023, for S-corporations and partnerships and April 18, 2023, for corporations and other businesses). In that case, the IRS will charge interest and penalties on any unpaid Federal taxes.

If you do not file and owe taxes, the failure-to-file penalty is 5% per month (up to 5 months) of the amount due. If your return is over 60 days late, you may be subject to a $135 minimum penalty. The IRS will also impose a failure-to-pay penalty of 0.5% per month (up to 25%) of the amount due if you file a return or extension but don’t pay all your taxes on time.

Do I need to file a Form 7004?

Your chosen tax year dates are normally Jan-Dec unless you specific asked for it to be something else in your EIN application (SS-4). - for example Apr-Mar is common for those with Indian subsidiaries to match the underlying India tax year. You can check your chosen US dates in your SS-4 (field 12)or your EIN issuance letter (paragraph 3). Depending on your chosen tax year dates, and only if you want a 6-month extension to your corporate tax deadline, you will need to file the Form 7004 either by 15th April (if your tax year is Jan-Dec) or 15th Jul (if your tax year is Mar-Apr). This buys you a 6 month breather.

When is the deadline to file Form 7004 for C Corporations?

C Corporations must file Form 7004 on or before the original deadline of their tax return Form 1120, which is by the 15th day of the 4th month after the taxable year ends.

The deadline for C-Corporations following the calendar tax year is April 18, 2023.

What are the penalties for filing Form 7004 Late?

Suppose you fail to file a 7004 tax extension or tax return within the appropriate deadline (March 15, 2023, for S-corporations and partnerships and April 18, 2023, for corporations and other businesses). In that case, the IRS will charge interest and penalties on any unpaid Federal taxes.

If you do not file and owe taxes, the failure-to-file penalty is 5% per month (up to 5 months) of the amount due. If your return is over 60 days late, you may be subject to a $135 minimum penalty. The IRS will also impose a failure-to-pay penalty of 0.5% per month (up to 25%) of the amount due if you file a return or extension but don’t pay all your taxes on time.

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