Form 7004 (Rev. December 2017) Checklist
Purpose
Form 7004 requests an automatic extension of time to file specified business income, fiduciary, partnership, and corporate tax returns. The December 2017 revision clarifies consolidated return group reporting requirements and updates form codes, ensuring timely extension requests before original return due dates. The extension is automatic when the form is properly completed and filed by the original due date.
Preparation Steps
Step 1: Identify the Correct Form Code
Match your return to the 2017 Form 7004 Part I code list. For example, use code 12 for Form 1120, code 25 for Form 1120-S, and code 09 for Form 1065. File one separate Form 7004 application per return being extended. Do not submit blanket requests that cover multiple returns on a single form.
Step 2: Confirm the Extension Filing Deadline
Form 7004 must be filed on or before the original due date of the return being extended. For calendar year 2017 returns, this is April 17, 2018 (the deadline was moved from April 15 because it fell on a Sunday, and April 16 was Emancipation Day, a legal holiday in Washington, D.C.). The IRS applies the timely mailing rule—if mailed through USPS with a postmark on or before the due date, the extension is considered timely filed even if received later.
Step 3: Complete Question 2 for Foreign Corporations
If the organization is a foreign corporation with no U.S. office or place of business, check the box on Question 2 and attach the required statement per the 2017 Form 7004 instructions. This affects eligibility and timing for the automatic extension.
Step 4: Complete Consolidated Return Declaration
If your corporation is the common parent of a consolidated group filing for 2017, check the box on Question 3. Attach a statement listing the name, address, and EIN for each member covered by this single extension application. Do not file separate Form 7004s for subsidiary members. Use 8.5 x 11 white paper with 12-point Courier, Arial, or Times New Roman font, black ink, one-sided printing, and at least a half-inch margin. Present information in two-column format with affiliates’ names and addresses in the left column and TINs in the right column, with a half-inch between columns and two blank lines between listed affiliates.
Step 5: Enter Tax Year Dates on Line 5a
For calendar year 2017 returns, enter “2017” in the calendar year field. For fiscal year returns, enter the exact beginning and ending dates in month/day/year format as they appear on the underlying return.
Step 6: Identify Short Tax Year Reason on Line 5b
If the 2017 tax year is less than 12 months, check one box only: Initial return, Final return, Change in accounting period, Consolidated return to be filed, or Other (with attached explanation). Do not check multiple boxes. If none of the listed reasons apply, check “Other” and attach a statement clearly explaining the circumstances causing the short tax year.
Step 7: Calculate Tentative Total Tax on Line 6
Enter the total tax liability the entity expects to owe for the tax year before credits and payments. This must match the estimated tax shown on the 2017 return being extended. Include all applicable tax types required for that return form, such as regular income tax, self-employment tax, and employment taxes. If you expect the amount to be zero, enter “-0-”.
Step 8: List All Payments and Credits on Line 7
Enter the total of estimated tax payments made during 2017, withholding amounts, prior year overpayments applied to 2017, and any refundable credits claimed on the return. Ensure all payments and credits are properly documented and substantiated in accompanying records.
Step 9: Calculate Balance Due on Line 8
Subtract line 7 from line 6. If line 8 shows a positive amount, payment is required with the extension request to avoid penalties and interest accruing after the original return due date. Most entities are required to use the Electronic Federal Tax Payment System (EFTPS) for electronic funds transfer. If line 8 is negative or zero, no payment is required, but include supporting calculations.
Step 10: Complete the Form Without Signature
Form 7004 does not require a signature. No authorized representative needs to sign the application. Simply ensure all required information is accurate and complete.
Step 11: Maintain Supporting Documentation
Keep all worksheets, calculations for tentative tax, and payment documentation used to complete lines 6, 7, and 8. Retain these with the extension file and make them available for IRS verification if requested during the examination period.
Step 12: Deliver the Completed Form by the Original Due Date
Mail or electronically file Form 7004 by the original return due date. If mailing paper forms, send them to the appropriate IRS address, as listed in the December 2017 instructions, based on the form code and the filer's location. The postmark date determines whether a mailed extension is timely filed. If filing after the original due date, the extension is not valid, and late filing penalties may apply when the return is eventually filed.
Year-Specific Updates and Regulatory Notes
Maximum Extension Period
The automatic extension period is generally six months. Exceptions apply to certain filers of Form 1041 and to C corporations with tax years ending on June 30. Estates (other than bankruptcy estates) and trusts filing Form 1041 receive an automatic 5½-month extension. C corporations with tax years ending June 30 receive an automatic seven-month extension (six-month extension if filing Form 1120-POL).
Special Rules for Certain Entities
Partnerships that keep their books and records outside the United States and Puerto Rico, foreign corporations that maintain an office or place of business in the United States, domestic corporations that transact business and keep books outside the United States and Puerto Rico, or domestic corporations whose principal income is from sources within U.S. possessions are entitled to an automatic extension to the 15th day of the sixth month following the close of the tax year under Regulations section 1.6081-5.
These entities do not need to file Form 7004 for the initial extension, but must file Form 7004 if requesting an additional extension beyond the initial extension date. Check the box on line 4 and attach a statement to the tax return confirming the entity qualifies for this extension.
Electronic Filing Option
Form 7004 can be filed electronically for most returns. Electronic filing is not available for Forms 8612, 8613, 8725, 8831, 8876, or 706-GS(D). Visit IRS.gov/efile7004 for electronic filing details. If filing electronically, payment can be made by Electronic Funds Withdrawal using Form 8878-A.
Payment Requirements
Form 7004 does not extend the time to pay any tax due. Payment of any balance owing on line 8 is required by the original due date of the return. For corporations, if the tax shown on line 6 (or the amount paid by the regular due date) is at least 90% of the tax shown on the return, and the balance is paid by the extended due date, no late payment penalty will be charged. Interest is charged on any unpaid tax from the original due date until paid, even with an approved extension.
Extension Notification
The IRS will not send a notification that an extension has been approved. The IRS will only notify filers if an extension request is disallowed. Properly filing Form 7004 by the original due date automatically grants the maximum extension allowed. The IRS may terminate an automatic extension at any time by mailing a notice of termination at least 10 days before the termination date.
Consolidated Group Filing
Only the common parent or agent of a consolidated group can request an extension for the group’s consolidated return. Generally, all members of a consolidated group must use the same taxable year as the common parent. If a particular member must file a separate income tax return for a short period, that member must file a separate Form 7004 for that period. Any member of a controlled group of corporations or an affiliated group not joining in a consolidated return must file a separate Form 7004.
Penalties for Late Filing or Payment
A penalty is generally charged if a return is filed after the due date, including extensions, unless reasonable cause is shown. The late payment penalty is one-half of one percent of any tax not paid by the due date for each month or part of a month the tax remains unpaid, up to a maximum of 25%. For partnerships, REMICs, and certain other entities, penalties may be assessed for failure to file timely or complete returns. Interest accrues on unpaid tax from the original due date, regardless of extensions granted.
Name and Identifying Number Requirements
If the entity name has changed since filing the previous year’s return, enter the name as it appeared on the last year’s return. If the name entered on Form 7004 does not match the IRS database or the identifying number is incorrect, the extension will not be valid. Use Form 8822 (Change of Address) or Form 8822-B (Change of Address or Responsible Party—Business) to notify the IRS of address changes. A new address shown on Form 7004 will not update IRS records.
Where to File
Filing addresses vary based on the form type, entity location, and total assets. Refer to the detailed “Where To File” chart in the December 2017 instructions. Address changes affected some entities in Georgia, Illinois, Kentucky, Michigan, Tennessee, and Wisconsin for the 2017 filing season.
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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.
