Business Tax Extension Information Brigham City UT
Salt Lake City, UT
Education: BSc (Math)MBA
Years of Experience: 16
IARFC, MDRT, NAIFA
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans
Cedar Hills, UT
Salt Lake City, UT
Exit Strategy Specialists, LLC
Years of Experience: 26
IARFC, MDRT, FPA
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans
St. George, UT
Business Tax Extension Information
Business Tax Extension Form
The internal revenue service has recently been taking steps to cut down on clutter and streamline the tax filing process. Now they've simplified business tax return extensions.
In past years, some businesses had to go through a lot of paperwork to file request for extensions to file annual business tax returns. This included filing partial extension forms such as forms 8800, 8736, 7004 and 2758. I get a headache just thinking about it. Apparently, IRS agents got one as well and have decided to do something about.
The internal revenue service has announced it is doing away with all the different forms for filing requests for an extension to file business tax returns. Now, all businesses can use one form to get an automatic six month extension. Form 7004 is the document you will need. It is entitled Application for Automatic 6 Month Extension to File Certain Business Income Tax, Information and Other Returns. Okay, so the IRS hasn't figured out short titles. This is still a positive step in reducing the morass of forms typically required to get extensions.
To use Form 7004 to get an extension, you must file it by the date the tax return filing is due. You are then automatically given a six month extension to file the return. Importantly, the extension is only for the filing of the return, not the payment of any tax due. If you owe tax, you still have to the amount due by the original filing period. Failure to do so will lead to penalties a...