April 15, 2024
for e-filing

Form 7004

Extend your US Corporate Tax Filing by 6 months

Deadline for this form has passed. Contact us if you've missed the deadline.
Start FilingContact us for support
Free and Easy
Avoid Penalties
Peace of Mind

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.
  • Form 7004 is free only for Inkle subscribers.

The inkle pricing for

Form 7004





once annually




Summary of US BEA Deadlines


May 31, 2023
June 30, 2023 for eFile
Within 45 days of acquisition


Who is required to submit Tax Form 1120?

Regardless of taxable income, every US-based domestic corporation must file tax Form 1120. 

The following entities fall under the obligation to file tax Form 1120:

  1. Businesses opting for corporate taxation. These businesses must also complete Form 8832 and include a copy of Form 1120.
  2. Limited liability companies (LLCs). LLCs file Form 1120 only if they've chosen corporate taxation. Partnership LLCs use Form 1065, while single-member LLCs typically file taxes through the owner's personal federal tax return.
  3. Farming corporations. They are required to file Form 1120 to report their income/losses.
  4. Corporations with an ownership interest in a FASIT (Financial Asset Securitization Investment Trust).
  5. Foreign-owned domestic disregarded entities. If a foreign entity owns 100 percent of a domestic disregarded entity (D.E.), the D.E. is treated as separate from its foreign owner. The foreign entity must file Form 1120 and attach Form 5472.

Additionally, some types of corporations may need to complete additional forms, such as Form 1120 (Schedule N), for foreign operations in the U.S. Small corporations might not be required to fill out these additional forms. You can locate them by searching for "Form 1120" using the IRS Forms and Publications tool.

Which organisations are exempt?

The IRS grants tax-exempt status to specific organisations, such as:

  1. Charitable organisations
  2. Social welfare organisations
  3. Social clubs
  4. Trade associations
  5. Labor organisations
  6. Veterans' organisations
  7. Political organisations

The IRS maintains a comprehensive list of tax-exempt organisations, available here. These organisations are required to submit an information return, which may include Form 990, Form 990-EZ, and Form 990-PF.

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 sets apart a 1040 from an 1120?

Individuals employ Form 1040 to file personal income taxes, whereas C corporations utilise Form 1120 for corporate tax returns. The primary distinction lies in the taxpayer type: 1040 is for individuals, and 1120 is for corporations.

What is a Form 1120 in Delaware?

Form 1120 is a crucial tax document utilized by corporations in the United States to disclose their income, gains, losses, deductions, and credits for federal income tax goals. In Delaware, corporations are expected to submit Form 1120 if they are operating within the state or have obtained income from sources within its boundaries.

What is Form 926 used for by C corporations?

C corporations use Form 926 to report property transfers to foreign corporations.

What is Delaware C corporation tax?

C corporations conducting business in Delaware must pay an annual fee known as the Delaware state franchise tax, a privilege fee for operating within the state's jurisdiction.

What happens if errors are made during the completion of Form 1120?

In such cases, you need to rectify the mistake by amending the form. Utilise Form 1120X, the Amended U.S. Corporation Income Tax Return, for this purpose. Form 1120X must be submitted within three years from the original return.

To complete Form 1120X, you'll need the following information:

  1. Business name
  2. Explanation of changes
  3. Business address
  4. Details on payments and credits
  5. Data on income and deductions
  6. Tax amount due or overpayment
  7. Employer Identification Number (EIN)
  8. Signature

What does Delaware C Corp mean?

A Delaware C Corporation (C Corp) is a type of business entity formed under the laws of Delaware and is taxed separately from its owners. A C Corp is considered a separate legal entity from its shareholders, meaning it can enter into contracts, own assets, and conduct business in its name.

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.

Form 7004 Extension Filing

Need more time to file your business tax return? Learn how to complete and submit IRS Form 7004 to request a 6 month extension. File free with Inkle today.

Read the blog 📝