Requesting Tax Extensions


Requesting Tax Extensions, to file an IRS business tax return, at a later date.

If you anticipate needing more time to file your business FEDERAL tax return, the IRS allows you to request an extension. Here’s a simple guide on how this is done:

  • Identify Your Business Structure: The form you’ll use to request an extension depends on your business structure. Partnerships and S Corporations typically use Form 7004, while C Corporations and certain other entities use Form 1138 under specific conditions.
  • Gather Necessary Information: You’ll need your business’s name, address, and Taxpayer Identification Number (TIN). Also, have an estimate of the tax liability for the year, if any.
  • Download the Correct Form: Visit the IRS website to download Form 7004 for most business entities. Ensure you’re using the version for the correct tax year.
  • Fill Out the Form: Complete Form Form 7004 with the required information. This includes checking the box for the specific tax form you’re requesting an extension for and providing the estimated tax liability, if applicable.
  • Submit Before the Deadline: For most business entities, the extension request must be submitted by the original due date of the return, typically March 15 for partnerships and S Corporations, and April 15 for C Corporations. Make sure to check the specific deadlines for your business type as they can vary.
  • Pay Estimated Taxes: If you expect to owe taxes, it’s wise to pay an estimated amount by the original filing deadline to avoid potential penalties and interest. You can make payments online through the Electronic Federal Tax Payment System (EFTPS).
  • Receive Confirmation: After submitting your extension request, keep an eye out for confirmation from the IRS. It’s important to have this documentation for your records.

Remember, an extension to file is not an extension to pay. If your business owes taxes, you’re required to estimate and pay what you owe by the original due date to avoid penalties.

Requesting an Extension for Your New York State Business Tax Return.

Understanding that circumstances may not always allow for timely filing of your state tax returns, New York State provides the option to request an extension. This ensures you can manage your obligations without unnecessary stress. Follow these steps to request an extension for filing your New York State business tax return:

  • Determine the Form You Need: Depending on your business type (e.g., corporation, partnership, sole proprietorship), the form you’ll need to request an extension varies. Corporations typically use Form CT-5, while partnerships and LLCs treated as partnerships use Form IT-370-PF.
  • Gather Required Information: Prepare your business’s identification details, including the Employer Identification Number (EIN) and the exact name as registered with the New York State Department of Taxation and Finance.
  • Understand the Deadlines: New York State’s deadlines for filing extensions align with the federal deadlines — March 15 for partnerships and S Corporations, and April 15 for C Corporations, but it’s essential to verify these dates as they can change or may be different for certain types of taxes.
  • Complete the Extension Form: Fill in the required fields on the appropriate form. For corporations, indicate the reason for the extension and the length of time requested (up to 6 months for Form CT-5). For partnerships using Form IT-370-PF, simply complete the form according to instructions.
  • Submit the Form and Any Payment: If you owe state tax, it’s crucial to estimate and pay this amount with your extension request to avoid interest and penalties. You can submit the form and payment online via the New York State Department of Taxation and Finance website or mail it to the address specified in the form instructions.
  • Keep Confirmation for Your Records: Whether you file online or by mail, ensure you receive and retain confirmation of your extension request for your records.

Please note, requesting an extension grants additional time to file your tax return, not to pay any taxes owed. To avoid penalties, estimate and pay any owed taxes by the original due date.

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