IRS Form 7004 Walkthrough (Filing Extensions for Business Income Tax, Information, or Other Returns)
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- Опубліковано 7 гру 2023
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Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! www.teachmepersonalfinance.co...
If you’re looking for tutorials for other IRS Forms that you can file directly through the IRS website, check out our free fillable forms page: www.teachmepersonalfinance.co...
Here are links to articles we've written about other tax forms mentioned in this video:
IRS Form 8868, Application for Automatic Extension of Time to File an Exempt Organization Return
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 8868 walkthro...
IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 4868 Walkthro...
IRS Form 2350, Application for Extension of Time To File U.S. Income Tax Return For U.S. Citizens and Resident Aliens Abroad Who Expect To Qualify for Special Tax Treatment
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 2350 Walkthro...
IRS Form 4768, Application of Extension to File a Return for Estate & GSTT
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 4768 walkthro...
IRS Form 1128, Application to Adopt, Change, or Retain a Tax Year
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 1128 Walkthro... - Навчання та стиль
Excellent! Very clear.
We are a foreign owned 2-member LLC that is foreign owned I understand that we would need to file an extension for form 1065. I see our accountant last year also filed a form 8804 and form 8805 about withholding. Do we need to file a separate extension for that too? (Or is that just part of the 1065?). Any other tips about foreign owners?
According to the form instructions, you should be able to select Form 8804 on Form 7004 (and by default, Form 8805). However, Form 7004 does not give you an extension to pay any taxes due.
If I am a single person LLC (no S-Corp) and I file jointly with wife who is on W2, Do we need to file 7004 and 4868 Seperately?
hi,
This is very helpful. I have a client who closed their partnership and started their S- corp with a different name, do I need to file an extension for both business since I need to file for taxes for both business separately?
Since you're filing a tax extension for two separate business entities, you should file a separate extension for each one.
Thank you so much for the video, by when should the extension be filed for Fiscal year filers? For example, if the fiscal year ends on 31st March, the due date for filing is 15th July. Should the extension be filed before 15th April or 15th July?
According to the form instructions, Form 7004 should be filed on or before the due date for the fiscal year return. In this case, that appears to be July 15.
However, if your individual tax return depends on information from your business return, you may need to file an extension of your individual income tax return on IRS Form 4868:
IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return
Article: www.teachmepersonalfinance.com/irs-form-4868-instructions/
Video: ua-cam.com/video/nhvieS8nvUw/v-deo.html
If I file for an extension for my S-corp, does that automatically include/cover the extra time I need to file the Schedule K?
That should include the time you need for Schedule K.
Do you have to file form 4868 for each partner, if they are a partnership? Or is the 7004 form good for both the partnership business and its partners?
I would recommend filing IRS Form 4868 for each partner. The IRS will not recognize an extension for each partner simply because the partnership filed an extension.
IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return
Article: www.teachmepersonalfinance.com/irs-form-4868-instructions/
Video: ua-cam.com/video/nhvieS8nvUw/v-deo.html
Great video, but how do we actually submit the form for approval?
According to the form instructions:
Form 7004 can be filed electronically for most returns. However, Form 7004 cannot be filed electronically for Forms 8612, 8613, 8725, 8831, 8876, or 706-GS(D).
For details on electronic filing, visit IRS.gov/efile7004.
If you do not file electronically, file Form 7004 with the Internal Revenue Service Center at the applicable address for your return.
As an alien operating my LLC from another country do I put in the LLC address or the Registered Agent address?
You would enter the address where you expect to receive your tax correspondence from the IRS, which should be the same as the address that you list on your tax return.
How long do they take to respond and can you go over the location to send the form
Generally, the IRS doesn't respond to this form, unless it's disapproved.
You can file it electronically, but if you're filing by paper, then you'll need to send it to the IRS center that corresponds to where you live, and what type of tax return you're filing. You can find the complete list of mailing addresses on Page 4 of the form instructions: www.irs.gov/pub/irs-pdf/i7004.pdf
@@teachmepersonalfinance2169 i wish i knew how to file electronically. Im not enrolled but it would save me so much time.
Hello, I have a Foreign Owned US DE, do I need to use my country address or the registered agent address?
I would recommend using the address where you would expect to receive mail. Many businesses do not receive mail through their registered agent, while some do.
What form code would I use for a single member LLC?
Unless you've elected to file a different tax return (such as Form 1120-S for an S corporation), you'd likely report your business income on Schedule C of your Form 1040. If that's the case, then you would file an extension request using IRS Form 4868, which is for individual income tax returns (Schedule C is included here).
Below are links to articles and videos for Schedule C and Form 4868, for background.
IRS Schedule C, Profit or Loss from Business
Article: www.teachmepersonalfinance.com/irs-schedule-c-instructions/
Video: ua-cam.com/video/T3KYF24chIg/v-deo.html
IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return
Article: www.teachmepersonalfinance.com/irs-form-4868-instructions/
Video: ua-cam.com/video/nhvieS8nvUw/v-deo.html
@@teachmepersonalfinance2169 thank you
So... whats the point of filing an extension if you'll have to pay a penalty any way?? I don't get it...
In general, the difference lies in *the amount of a penalty.* For a *failure to pay* penalty, the penalty is 1/2% of the outstanding tax bill for each month or part of a month that the tax bill is unpaid, up to a maximum of 25%. For a *failure to file* penalty, the penalty is 5% of the outstanding tax bill for each month or part of a month unpaid, up to a maximum of 25%.
As an example: for a tax bill of $1,000, the would be the difference between $50 per month (failure to file penalty), or $5 per month (failure to pay penalty).