Form 7004 (Rev. December 2013)—2014 Tax Year Checklist
Purpose
Form 7004 requests an automatic extension of time to file for specified business tax returns, partnership returns, and fiduciary returns. For filers of the 2014 tax year, this form must be submitted by the original return due date. The 2014 instructions clarify that foreign corporations without a U.S. office or place of business must complete Part II, line 2, and consolidated group filers must identify all members covered by the extension application.
Step-by-Step Filing Instructions
Step 1: Verify Return Type and Form Code
Select the single form code (01–36) corresponding to your 2014 return. Common codes include code 12 for Form 1120, code 25 for Form 1120-S, and code 09 for Form 1065. A separate Form 7004 must be filed for each distinct return requiring an extension.
Step 2: Complete Filer Identification Section
Enter the entity name, EIN, and full mailing address exactly as they appear on the 2014 return being extended. If using a foreign address, follow the country’s postal code convention. Accuracy in this section prevents processing delays.
Step 3: Determine Foreign Corporation Status
If your entity is a foreign corporation without a permanent U.S. office or place of business in 2014, check the box on line 2. This designation affects the determination of tax liability and must be disclosed for proper extension processing.
Step 4: Identify Consolidated Return Filers
If your corporation is the common parent filing a consolidated 2014 return, check line 3 and attach a separate list containing each subsidiary’s name, address, and EIN. This list should accompany the Form 7004 submission.
Step 5: Record Tax Year Period
For a calendar-year 2014 return, enter “2014” in line 5a. If filing for a short tax year in 2014, check the applicable reason (initial return, final return, change in accounting period, consolidated return, or other) and attach an explanation if “other” is selected.
Step 6: Calculate Tentative Total Tax
Report the estimated total tax liability for the 2014 tax year before payments and credits on line 6. This includes all income taxes, self-employment taxes, and other applicable federal taxes due for the period.
Step 7: List Total Payments and Credits
Include all estimated tax payments made in 2014, withholdings, prior-year overpayment credits applied to the 2014 return, and any other allowable credits on line 7. All payments must be documented and properly dated.
Step 8: Compute Balance Due and Remit Payment
Subtract line 7 from line 6 to determine the balance due on line 8. If a balance exists, remit payment with Form 7004 by the original return due date. For calendar-year 2014 Form 1120 filers, the original due date is March 15, 2015. For Form 1065 and Form 1120-S filers, the original due date is March 15, 2015. For other return types, verify the specific due date in the form instructions.
Step 9: Choose Payment Method
Payment can be made by check, money order, credit card, or electronic funds withdrawal. Electronic payment through EFTPS is recommended for faster processing. Payment must be received by the original due date to avoid failure-to-pay penalties and interest accrual.
Step 10: Submit Form 7004 Timely
File Form 7004 by the original return due date. The extension is automatic upon timely filing—no approval from the IRS is required. This provides a six-month extension from the original due date for most return types.
Important Reminders
Extension of Time to File, Not to Pay
Form 7004 extends only the time to file your return, not the time to pay any tax due. All tax payments must be made by the original return due date to avoid penalties and interest charges, even if an extension is filed.
Automatic Extension Provision
Form 7004 provides an automatic extension when filed timely. The IRS does not approve or reject extension requests. However, the extension applies only if the form is filed by the original due date and all required payments are submitted.
Estimated Tax Penalty
Failure to pay sufficient estimated tax or to remit payment of balance due by the original return due date may result in underpayment penalties and interest charges. These penalties apply even if an extension to file is properly granted.
Foreign Corporation Special Rules
Foreign corporations without a U.S. office or place of business must affirmatively check the line 2 box to ensure proper extension treatment. This disclosure affects how the IRS processes the extension request and determines applicable tax obligations.
Consolidated Return Requirements
For consolidated groups, only the common parent or agent can request the extension on behalf of the entire group. The attached subsidiary list should include complete identifying information for all members to ensure the extension covers all entities in the consolidated group.
Electronic Filing Options
Form 7004 can be filed electronically through authorized IRS e-file providers. Electronic filing provides faster confirmation of receipt and reduces processing time. Check with your tax software provider or professional preparer for e-file options.
Record Retention
Keep a copy of the filed Form 7004 and proof of timely filing with your tax records. This documentation confirms that the extension was properly requested, in case questions arise during IRS processing or examination.
Payment Documentation
If making payment with Form 7004, retain proof of payment, including check copies, electronic confirmation numbers, or credit card receipts. This documentation supports the timely payment if the IRS assesses penalties or interest.
State Extension Requirements
Filing federal Form 7004 may not automatically extend state filing deadlines. Check with your state tax authority to determine whether a separate state extension request is required or whether the federal extension is recognized.
Amended Extensions
If an error is discovered after filing Form 7004, file a corrected form before the original return due date. Include all required information and clearly mark the submission as an amended extension request.
Year-Specific Considerations for 2014
The 2014 revision of Form 7004 (Rev. December 2013) clarifies that foreign entities must affirmatively disclose their non-U.S. status on line 2 to ensure proper extension treatment. For entities filing consolidated 2014 returns, the instructions specify that a complete subsidiary listing should accompany Form 7004, identifying all members subject to the consolidated extension.
Form 7004 for 2014 does not include any provisions related to the Affordable Care Act employer shared responsibility payment, as these requirements were not yet applicable to the 2014 tax year filing process.
The 2014 instructions provide specific guidance on acceptable payment remittance methods for balance-due extensions. Payment by check, money order, credit card, or electronic funds withdrawal must be completed by the original due date to avoid penalties and interest charges on unpaid balances.
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This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.
