Form 7004 is used to request a business tax extension.
Your request is approved or automatic if you file Form 7004 and submitted by the due date your business tax return is due.
If you have an LLC and is required to file Form 1065, if you could not file it on time and would like to request an extension, you must file Form 7004 by March 15. You also need to pay any tax owed by the due date.
You could file electronically or my mail.
Where to mail your Form 7004 for your LLC?
If you file form 7004 to file Form 1065 later after March 15, you need to send your Form 7004 to the address you would send your Form 1065. Find the address in the instructions for Form 1065 page 5. Locate the address that corresponds to your total asset and your state in the table.
Form 7004 Part 1: Automatic Extension
Line1: For Form 1065 enter the code 09
Part 2
Line 2,3, 4: Check any box that applies to your business.
Line 5a: enter 20 for 2020 tax year
5b: if it is for first form 1065, check initial return.
Line 6: 0
Estimate the total tax your business might owe including refundable tax credits. If the tax is $0, enter 0.
Line 7: Tax paid during the year and refundable credits
Line 8: Line 7-Line 6
IRS would not send you a letter to approve your extension. You are automatically approved if you file Form 7004 on time and accurately.
If you file Form 7004 by mail and e-file your business tax return, IRS might process your business tax return before Form 7004 and assume you file late without an extension and penalize you.
You have 6 months from your regular tax return due date to file your business tax return when you file Form 7004 to request an automatic extension.
Keep in mind that Schedule K-1 data would be reported on partners’ Form 1040. You should file your business tax return by April for the partners to file their Forms 1040 by April 15 with all the necessary information needed.
Links to Form 7004:https://ninasoap.com/categories/2020-federal-tax-forms-and-instructions/
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