The Internal Revenue Service has simplified the process for business taxpayers to file for an extension.
Instead of filling out four separate extension forms, business taxpayers will now only need to file a revised Form 7004, "Application for Automatic 6-Month Extension of Time to File Certain Business Income Tax, Information and Other Returns," to request an automatic extension of time to file.
The form grants taxpayers an automatic six-month extension, calculated from the due date of the return, which the extension request must be filed by.
The option is available to most non-corporate business taxpayers, including partnerships and trusts. Previously, only corporations could request an automatic six-month extension; other businesses needed to request the extension in three-month increments.
A similar change was also made recently for individual taxpayers, and changes have also been made to the processes for obtaining extensions for filing estate and gift tax returns.
PDF files of the forms are available at:
- Business Tax Extension: IRS Form 7004 (pdf)
- Individual Tax Extension: IRS Form 4868 (pdf)
- Estate Tax Extension: IRS Form 4768 (pdf)
- Gift Tax Extension: IRS Form 8892 (pdf)
Detailed guidance is available at IRS Guidance: Extension of Time for Filing Returns (pdf)
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