IRS Streamlines Extension of Time to File for Corporate Business Taxpayers

IRS extension forms which give an automatic extension of time up to 6 months are helpful to taxpayers in most cases allowing them time to complete as updated and correct tax information on the lines of the forms appropriately as required. One such extension form is IRS 7004. This form can be filed to extend the time for filing tax returns of IRS forms 1120-C for Corporations and 1120-S for small corporations. So that corporate taxpayers can avail of automatic extensions of up to six months toward accurate and complete tax file returns.
The extension time of 6 months is given by IRS only for filing tax returns beyond the deadline and this extension of time is therefore not given for paying taxes. Corporations irrespective of size need to pay taxes on time should be understood. The best way to remember and to get the reminder for the due dates for paying and filing taxes towards IRS form 1120-C and IRS form 1120-S is to know the maths symbol “π”-pi which refers to the number 3/14 to remind the date
14th of March 2015, a day before the due date. The corporations, in most cases, should pay taxes and file returns on this date safely, before the US individual Income Tax .returns filing.
Corporations wishing to take automatic extension time for the filing of tax returns must file IRS form 7004 on 14th March 2015. The misconception of requesting IRS extension form 7004 may trigger audits from IRS can be erased when corporations are sure enough that they are availing the use of extension form 7004 only to submit a complete and accurate tax return towards form1120-C and 1120-S on the extended date of 15th September 2015.
But some of the pass-through entities like LLCs, LLPs, and GPs for paying tax and filing returns have been given time until 17th April as the due date. They can further extend it up to 6 months to push their due dates to 17th October 2015 if they require the use of IRS form 7004.
One could be organized as a kind of entity (such as an LLC) and have nonetheless elected a different tax status, such as C or S treatment. If one is not sure about the filing status, please check with a tax professional.
Please note that the March 15 deadline applies to for-profit corporations; nonprofit corporations generally have until May 15 to file their appropriate tax information returns.