Business people including corporations who are tax liable and needs to make tax returns on time to be filed which is always genuine as submittal to IRS, more often have the common anxiety and fear as answerable to IRS that too with the nearing due dates as applicable respectively to each business form that they need to report. Further it may lead to adding fuel to fire whenever they receive notice on failures and as reminders from IRS.
This is for this reason that IRS is very considerate to accommodate the business tax-payers concerned to have their tax information to be more appropriately estimated by them and as filed with the provision of extended due dates as offered as benevolent by IRS through form 7004. Many a times IRS would only remind the taxpayers of their duties to file their respective forms whether business or individuals and though it may look tough for business communities including corporations to digest immediately however it is mandatory beyond their apprehensions to do their duties to the fullest satisfaction of IRS by duly filing tax returns including tax payments on time.
When they could not do so they can always avail the benefit as offered by IRS through Form 7004 to extend their tax returns filings more appropriately by 5 or 6 months. Failures to comply with IRS instructions on the basic business forms that the businesses and corporations are subjected, or through the extension of time clause as offered by form 7004 will certainly lead to IRS audits at business houses or centres asking for more queries to be answered as satisfactorily to IRS and in some cases it may further lead to court involvement to adjudge the case that IRS may file depending on serious nature of tax violations as considered by IRS.
Therefore it is always safe for the businesses and corporations to have the defensive approach whenever dealing with the higher Federal authority IRS, for which IRS always facilitate via the provision of extension of time as provided by the IRS form 7004 for businesses filing form 1065 including some reserved estates and trusts to have the deferral due date by 5 months and the corporations whether C or S to have their due dates extended by 6 months to file their returns respectively as per the guidelines of the forms concerned.
Most of the owners of the businesses and appointed directors of corporations may not be fully aware of the tax law despite the tax software including the off-shelves from third parties or indigenous which may help to an extent, this may not completely satisfy the tax requirements as per IRS and there may be possibilities in circumstances while having tax guidance cell within the companies with giving way for probabilities to err the governing laws as laid down by IRS through several running sub-chapters that control businesses and corporations.
It is needless to say that qualified tax professionals that too with rich knowledge of IRS law will be of great help to companies in such circumstances as they are always digging to know the exact laws as always applicable and more appropriate for businesses and corporations to suit to the needs of the sticking problems to make it solve. They do the right calculations of taxes as per the required law of IRS with the right strategy to overcome the tax liability complications for which they are qualified to deliver. In most cases they can handle as tax attorneys to rescue business and corporation from their tax worries for which even IRS form 7004 carries its responsibility to help business and corporations to avail the benefit of automatic extension of time for 5 or 6 months depending on their needs for proper filing of their tax returns through IRS trusted tax partner Tax2efile.