Application for Automatic Extension of Time to File
Form 7004: Application for Automatic Extension of Time to File
Request to file a Tax Return Extension
EXTENSION
This engagement is to request a federal and/or state tax extension for your business. Please read the section that applies to your business carefully before approving this request. Your extension will be submitted upon receipt of your approval of this request.
Please note: A tax extension allows six additional months to file, but not to pay. The tax is due on April 15th. Failure to pay by the due date, will result in penalties and interest for late payment of tax, even when an extension is filed.
TAX PAYMENT
If you need to make a TAX payment with your federal or state tax extension, please contact us immediately via this email request or by phone at (615) 800-2737. If you do not instruct us to make any payments on your behalf, a $100 minimum Franchise & Excise tax needs to be paid to the state; otherwise, the extension will NOT be valid.
If we have your business checking account on file, we will use the same one as the prior year to pay $100 Franchise & Excise tax with the extension.
If you have changed your business checking bank account or if we don’t have it on file, please contact us immediately so this information is provided.
PAZ TAX FEES
If you are a returning client or a new client that has already signed a tax engagement, we will gladly file a federal and/or a state tax extension at no charge.
If you are a new client and have not signed a tax engagement, you will be charged for this service and the fee will be applied to the tax preparation for the current year.
PARTNERSHIPS and S CORPORATIONS
If your business is a Partnership and you file Form 1065, or an S Corporation and file Form 1120S, you must file:
1) Federal Taxes by March 15th
The partners or shareholders pay the federal tax from the income received on Schedule K-1.
Generally, no payment is required when filing an extension.
2) State Taxes (Franchise & Excise Tax) by April 15th
The business pays the tax.
To avoid penalties and interest for late payment, businesses must pay 100% of the prior year tax as a tax payment or with the extension for the current year.
If not able to pay 100% of the prior year tax, businesses must pay a minimum of $100 with the Franchise & Excise tax extension.
CORPORATIONS
If your business is a Corporation and file Form 1120, you must file:
1) Federal Taxes by April 15th
The business pays the tax.
To avoid penalties and interest for late payment, businesses must pay 100% of the prior year tax as a tax payment with the extension for the current year.
2) State Taxes (Franchise & Excise Tax) by April 15th
The business pays the tax.
To avoid penalties and interest for late payment, businesses must pay 100% of the prior year tax as a tax payment with the extension for the current year.
If not able to pay 100% of the prior year tax, businesses must pay a minimum of $100 with the Franchise & Excise tax extension.