1120 Extension - Automatic Extension for Corporate Tax Filing
Form 1120
IRS Form 1120 is a U.S. corporation income tax return that is generally used by the corporations to report their credits, deductions, losses, gains and income to the IRS. The form also helps the corporations to find out their tax liability, or how much business tax they owe according to the IRS.
To know more about Form 1120 extension, Read this article.
Who should file form 1120?
Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy, corporations engaged in farming) must file Form 1120 to the IRS even if they don’t have taxable income.
The following entities must file tax Form 1120 on-time to the IRS to avoid penalties.
Businesses that have chosen to be taxed as corporations. These businesses must also file Form 8832 and attach a copy of it to form 1120.
Limited liability companies (LLCs). The LLC can also file a Form 1120 but before they should have filed Form 8832 to elect to be treated as an association taxable as a corporation.
Farming corporations. They must file Form 1120 to report their income or losses.
Corporations with an ownership interest in a FASIT. A FASIT is a Financial Asset Securitization Investment Trust.
To complete Form 7004 you need the following information.
Your legal name, which should match with the IRS records.
Your Employee Identification Number (EIN)
The address of your business. If you receive mail at a P.O. Box, you need to include this address instead.
Once you have the information, here are the step by step instructions you need to follow to file Form 7004 to the IRS to get extension of time to file the income tax return 1120.
Form 7004 has two parts, here we go:
Part-I: Automatic Extension for Certain Business Income Tax, Information, and Other Returns.
Line 1
Enter the appropriate form code in the boxes shown on line 1 to indicate the type of return (1120) for which you are requesting an extension. For form 1120, enter 12 in the box.
Part-II: All Filers Must Complete This Part
Line 2: If your office or place of business is out of the U.S and requesting an extension of time to file the income tax return, you must check the box on line 2.
As you are out of the country, you get an extra 2 -months to file Form 7004 by the due date of the return (the 15th day of the 6th month following the close of the tax year) to request an extension.
Line 3: Check the box on line 3, if you are the common parent or agent of a consolidated group requesting an extension of time to file the group's consolidated return.
Line 4: Check the box on line 4, if you are certain foreign and domestic corporations and certain partnerships whose due date by the 15th day of the 6th month following the close of the tax year.
Line 5a: If you do not use a calendar tax year, then complete the lines showing the beginning and end dates for the tax year.
Line 5b. If your business has a short tax year, Check any one of the applicable boxes on line 5b for the reason for the short tax year.
Line 6: Enter the total tax, including any nonrefundable credits, you expect to pay for the tax year.
Line 7: Enter the total payments and refundable credits.
Line 8: Enter the balance due amount, you need to pay for the tax year. Form 7004 does not extend the time to pay tax.
E-file Form 7004 with ExpressExtension
It is important to choose an IRS-authorized e-file provider to file form 7004, that helps you to file accurately and securely with the IRS.
Such an IRS_authorized e-file provider is ExpressExtension that helps in every step of filing form 7004 with the IRS.
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