Need more time to get those business returns filed? You can easily apply for an automatic extension of time to file by filling out and e-filing Form 7004. Here’s what you and your clients should know about filing business tax extensions.
How to File Form 7004 in Your TaxSlayer Pro Software
To create extensions for Forms 1120, 1120S, and 1065 in the TaxSlayer Pro desktop program:
- Select Miscellaneous from the left side selection pane inside the tax return
- Choose Application for Extension (Form 7004)
- Once the extension is complete, Mark Extension Electronic and change Ready to Transmit to Yes
- If there is a balance due, fill out the Form 7004 Electronic Payment Information
When you’re ready to e-File your business extensions, make sure you’re at the correct transmission table:
- Go to the Business section of TaxSlayer Pro
- Select Electronic Filing Menu
- Choose Transmit Electronic Extensions (If you transmit from the Transmit Electronic Returns table, you’ll transmit the business return, not the extension).
Please note: If you do not transmit the state extension at the same time you send the federal extension, you will need to wait until the federal extension has been acknowledged before sending the state. If you transmit the state right after the federal (or vice versa), you will overwrite the first transmission.
Still have questions? For assistance in completing or transmitting a business extension, call TaxSlayer Pro Customer Support at 706-868-0985.
What are the business filing deadlines?
Business tax filing deadlines vary depending on the type of business and when the business’s year ends.
For S-corps and Partnerships, the deadline was the 15th of the third month after the tax year ends, usually March 15 for calendar year taxpayers. For C-corps, the deadline is the 15th of the fourth month after the tax year ends, usually April 15. Since April 15 fell on a weekend this year, the deadline was April 18, 2023, for calendar year taxpayers.
(Note: if a C-Corp follows a fiscal year, and their fiscal year ends in June, they must file by the third month after their year ends, not the fourth, making their deadline September 15).
Tax extensions must be filed by the filing deadline. However, if your client lives or does business in a FEMA declared disaster area, they may be granted an extension even after the deadline.
What should my business clients know about filing for an extension?
First and foremost, your clients should know that the extension only grants them extra time to file, not extra time to pay. They’ll still be liable for fees and interest on any taxes that are unpaid by the original deadline.
Even if your client decides to file for an extension, you should still calculate their tax liability and encourage them to pay it as quickly as possible, ideally before the original filing deadline. To make sure your client is well-informed, check out 9 Reminders for Your Extension Filing Clients.