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all right let's quickly talk about how to file a business tax [Music] extension [Music] welcome back folks to another edition of the awesome sort of kiwi show how you doing today i hope you are doing fantastic i'm doing marvelous if you already ask me if you are doing as great as i am i want you to go ahead and grab a cup of coffee or tea or vodka today's conversation will revolve around filing a business tax extension we've actually covered the same topic for individuals so if you want to file an individual tax extension you want to refer to that video but here we are going to talk about a business tax extension first of all let's just go to the definitions here what is the business tax extension the tax deadline is looming right and you're not ready to file it so you may have to track down some striking financial records or maybe some other complication has cropped up to make things impossible for you to file your business tax return on time so the irs has forms for that so you don't have to worry the process for filing an extension application for business taxes involves filing a simple form online the form you use depends on your business type and in some cases you may you may not even need to file an application form so business text extension means that you are actually asking the address to give you extra time to to gather your paperwork so you can file your business tax return it doesn't mean that you have your the irs is granting you extra time to make the payment you you still gotta pay i'll talk i'll speak about that later on but right now the extension applies only to the time needed to gather the paperwork what are the due dates for business tax extensions so the due dates for for corporations so if your business is organized as an s corporation the income tax return or extension is due by the 15th day of the third month after the end of your tax year let me give you an example if your s corporation is a calendar year taxpayer with the december 31st year in you must file a 20 a 2020 tax return or extension request by march 15 2021 and if on the other hand your business is a c corporation then the extension is due by the 15th day of the fourth month after the end of your tax year another example very simple if euro c corporation is a calendar year taxpayer with uh say a december 31st year end you must file a 2020 tax return or extension request by april 15 2021 so that's the due dates for corporations right what about the due dates for partnerships if your partnerships if your business is organized as a partnership your income tax return or extension is due by the 15th day of the third month after the end of the of your fiscal year again if if i give you an example here if your partnership is a calendar year taxpayer with a december 31st year end you must file a 2020 tax return or extension by march 15 2021 now there are some extensions of requests and audits so you may have heard that the irs looks more closely at businesses that file extension applications right but the address doesn't really select tax returns for audits based on whether the taxpayer requested an extension they select tax return for audit based on random selections and on screenings comparing a tax return with norms what they call norms for similar returns speaking about extensions it's very important to understand why the irs may deny extension request now you have a form 4868 which is used for personal tax returns including business tax schedules and this is this call this is called um an automatic extension you even have the words automatic extensions in the title of the form and you have form seven zero zero four seven thousand four for extensions for business tax returns partnerships and cooperation this form 7004 is also automatic there are just a few reasons as i was saying earlier why the errors might deny your application request if the request you filed if the request isn't filed on time in other words by the due date of the tax return if there is no signature on the paper filed form very important you gotta sign all the forms you sent to the agency or if you filed form 2350 because you were living abroad and there is no indication you live and work in a foreign country so we're showing on the screen right now both forms 4868 and 2350 2350 along with the links so remember folks though you cannot extend payments so if you need more time to complete your your business tax return you can request an extension of time to file your return however even with an extension you must estimate how much you or how much money you owe or if you owe and send that amount by the due date otherwise the irs can invalidate your extension so even if you apply for an extension for filing your business income tax forms you cannot extend the payment deadline i already said that you must calculate and pay any income taxes and sell employment taxes by the due dates of the form to avoid irs penalties for underpayment and late payment you should pay at least 90 of the tax due very important 90 so to estimate the tax you must pay you might want to use an estimated tax calculation you have gazillions of them on the internet so definitely you want to definitely recourse an extension if you're not prepared to file your actual return on time so the late filing penalty can be more expensive than penalties and interest associated with paying late so get your extension request in then address the nuts and bolts of preparing your return and figuring out what you owe very important so let's just dig a little deeper here and this is the second i just the one a little deep into what a business tax extension is now let's talk about the rules the general rules for filing a business tax extension application so businesses may file a request for tax extensions using either form 4868 or form 77004 depending on the type of business you own so business tax on the personal return let's first address that business owners who pay business taxes as part of their personal tax returns are called what they're called pass-through businesses pass-through entities and these businesses use form 4868 to apply for an extension and this typically includes sole proprietorships and single member limited liability companies filing their business tax on schedule c as part of the tax return we have actually devoted an entire show to the schedule c topic so you might want to double check that one so and you also have partners in partnerships and as corporations owners filing a schedule k1 for their share of business tax liability as part of their tax return they must also use form 4868 so owners of corporations receive dividend income as shareholders so dividends are taxed on their personal tax return personal tax returns right so c corp or s corp owners may work as employees and this income is taxed on their personal return so if you live and work abroad for example there is a special extension application you must use if you expect to qualify for special tax treatment is called the you need to file form 2350 extension application for your citizens and aliens abroad what about the what about extensions on personal tax returns so if you are one of the pass-through business types that i just spoke about and you pay your business taxes through your personal return there is an easy way to get an extension on your tax return very important the thing here is that you really don't need to file form 4868 if you make a payment using one of the electronic payment options so the irs will automatically process an extension of time to file when you pay part or all of your estimated income tax electronically so this is done through form uh 1040. all right so as so as soon as you pay you know if you pay the amount you don't have to file any form so you can you you can also get an extension by paying or part of your income tax due and indicate that the payment is for an extension and to do that you got to go to uh the irs.eftps form and uh you can even use your credit or debit card and once you do that you once you make the payment you will receive a confirmation and please keep that keep that confirm in your records very important all right i'll be right back right after this don't go anywhere so welcome back folks we are still having a conversation today about how to file a business tax extension online so i spoke to you about form 4868 that's the form you use to file a personal tax an extension for your an extension on personal tax returns in case you are a special um you are a pass-through entity right so you make payments you pay taxes on your income on schedule c through schedule c now let's talk about business tax returns so corporations and partnerships use form 7004 to file an extension application for the business not the individual owners right so here we're talking about we are talking about corporations so c corporations right s corporations and multiple member llc businesses filing as partnerships corporations or s corporations so you have a form 7004 i'm actually showing you right now on again i'm showing you again the the form seven seven zero zero four so seven thousand four and you can see there there are two parts here so application for automatic extension of time to file certain business income tax information and other returns it's very important please remember the keyword here automatic extension that's the keyword so as long as soon as you file and you everything else is fine you do get the extension you ask for the the six month delay that you need the irs will grant you that so once you once you have it then you have identified the return that you are requesting an extension for you will need to provide the address with some basic information about your company so if your your organization is a foreign corporation that doesn't have an office or place of business in the united states if your organization is a corporation and the n is the common parent of a group that will be filing a consolidated return if the organization is a corporation or partnership that qualifies on the regulations section 1.6081-5 if the dates of your calendar and tax years are different and if you are filing a short tax year and why so those are those are things that you need to actually explain to the irs when you uh when you file with them again the form you need to determine which form you need to follow right whether it is 1120 1065 and so on and so forth this is a determination you have to make now how do you actually file the extension let's just speak practically here form 7004 can be e-filed through the modernized e-file that the math the mef platform all right and we actually have uh we actually have a link we're going to show a screenshot on the screen right now and we have a link to that modernized e-file platform so all returns shown on form 7004 are eligible for an automatic extension of time to file from the due date of the return right now you need to see if you need if you need more info you want to see form 7004 instructions for exceptions pertaining to foreign corporations with no office or a place of business in the united states for foreign and certain domestic corporations and for certain partnerships the uh the the the so the form 7004 does not extend the time for tax payment i think i made it clear enough during this show you want to refer to the forum 7004 instructions for additional information on payment of tax and balance due so one thing i want to say here is that there are some exceptions there are some circumstances when you cannot use form 7004 you cannot file you cannot e-file form 7004 for example if you have name change applications reasonable calls for failing to pay timely reasonable calls for failing to file application timely request for refunds election to make installment payments for a portion of balance to amount i'm giving you a list of instances where form 7004 cannot be e-filed you have a election to make installment payments for a portion of balance due amount i think railroad said that you have applications requesting extension due to change in accounting period unless prior approval has been applied for from iris or certain conditions have been met and if you need more info on that you want to see publication 538 accounting periods and methods for further details you have applications with net operating loss carryback for that you want to use form 1138 right and applications attention to form 2848 power of attorney and declaration of representative that paid the poa the poa should be sent separately and now with the form of 7004. early file the returns filed before end of tax period following short period extension due to termination of 1120s status that's the s corporation and if you have extensions for the following forms so form 706 gs form 11 86 12 form 86 13 87 25 88 31 and 88 76 in all those instances you cannot e-file form 7004 it's it's kind of important i mean filing e-filing or filing the a business tax extension can be uh can be convoluted can be a hassle so you can actually you have options to actually automate the whole thing not automate you can outsource it rather you can e-file using a software program or a tax professional so all the major tech software applications allow you to file an extension using either form 4868 or form 7004 so when you log on to prepare your return there should be a tab or option for filing an extension there may not even be a charge although you will eventually have to pay to prepare the return yourself right you can use either the personal or home business version of the product to file form 4868 or use the business version to file form 7004 and you can actually do this immediately then go back days or weeks later to complete your tax return all right so now let's kind of talk about let me give you some tips for choosing the proper business tax software whether it is a turbo tax tax act you name it you know h r block so to choose the right one the right business tax software you want to ask yourself a few questions do you want online tax software or desktop tech software basic deluxe or premium what type software version do you need does the price include stick tax return do you need help organizing test deductions should you use free tax support do you want to file electronically how much tax support help and support do you need you got to really understand your situation does the tax doctor have a guarantee does your computer meet the minimum systems requirements is the software for the current tax year this is very important and i'm going to give you a few other tips for choosing a competent business tax preparer and those tips are coming from the coming straight from the iris whether the person is uh an ea an enrolled agent a tax lawyer or a certified public accountant a cpa so you want to check the preparers qualifications you want to use the irs directory of federal tax return preparers with credentials and select qualifications check the preparers history ask about service fees you want to ask the e-file make sure the preparer is available provide records and receipts those folks those are tips that we they're coming straight from the irs we are going to put the link of um the resource on on the on the screen as as long as and i mean along with the screenshots so you can see it but those are tips that the irs has given to millions of americans when it comes to choosing a competent business tax preparer so you want to provide records and receipts to the preparer never sign a blank return we want to review before signing ensure the preparer signs and includes their pti and very important because all paid tax preparers must have a preparer tax identification number a pti by a law the paid preparers must sign returns and include the ptin and you also want to report abusive tax preparers to the iris i'll be right back right after this don't go anywhere welcome back folks we are still here having a conversation about uh how to file a business tax extension online or offline now how and where do you manually file an extension if you decide to do it manually you want to do things manually that's pretty cool too nobody uh nobody hates saying you have to follow things online so you can always file an extension application in the old-fashioned way through mail you can mail it in you can print out you can print out either form for the iris website's form 4868 and form 7004 it really depends on your situation i think i've already explained that and but you need to get the mailing address for your location from the forum and you want to mail it in in as many days as possible before the tax deadline so what we've done if we've done the research for you so you can see on the screen right now i'm actually showing you very very simply where to file and this came from the iris website all right so if the form is a 706 gs and 706 gst and the settler is so i really want you to take some time to actually we're going gonna leave it on the screen for a while where to file so if the form is you can see uh the first column if the form is second column if and the settler is or was at death so that's the category within which the settler was then you need to file form 7004 at and you have actually several addresses all right and if you go to the irs website you can actually also find out the uh the address the residential address if you want to if you want to send something via if you want to overnight a package to them for example right so we're going to leave those we're going to leave this on the screen so we have actually two files so the second file where to file and if the form is 1066 1120c 1120 pc 1041 1120l 1120sf 1065 1120 1120 rate so depending on the conditions that you find yourself in i want you to take on screen i want you to take a screenshot right now we're going to leave those two forms those two forms on the screen for a while so you can actually take a screenshot and actually see which condition applies to your situation right and this is the this again when you file when you actually mail in the the form 4868 or 7004 remember that you got to make the payment right as i said and i think i've made it very clear here requesting an extension doesn't mean that you are requesting an extension for payment you still have to pay but you all are only requesting an extension when it comes to gathering your paperwork now how do you actually avoid costly irs penalties because the irs may actually hit your business with costly penalty and interest charges if you are if you underestimate your taxes right or you file your return late or you do not provide certain information by the due date and if we and let's just assume that your business entity is a calendar year taxpayer so in the event you are a physical a fiscal year taxpayer you want to adjust your due dates based on the information that i've just given you earlier right for example the due date for the tax return of a corporation for the fiscal year ending march 31st 2020 is what july 15 2020. so you gotta add 90 plus 15 days extra days right now there is an exception to this corporations with a fiscal year from july 1st to june 30th the initial deadline will remain september 15th which is the 15th date of the third month following the year of the fiscal year and the extension deadline remains february 15 in other words five months after the first deadline so this exception actually applies for fiscal years ending through june 30th 2026 with fiscal year ending june 30 june 30 2027 the filing deadline moves to october 15 which is the 15th date of the fourth month following the end of the fiscal year and the extended deadline moves to march 15th six months after the first deadline now so how do you avoid costly irs penalties if you if you're a partnership first of all let's talk about esc operations so if your business has always been an s corporation it is effectively treated as an extension of the shareholders for many tax purposes and will generally not owe any tax itself right it's um how do you call that it is a pass-through entity however if your esc operation was once a c corp he may owe a corporate level tax in certain limited situations an s-corp must provide a schedule k-1 to all shareholders right detailing their share of the corporation's income and deductions for the tax year so this is something that you have to so if the s corporation does not pay all of the tax about that date but the the due date you may owe a penalty of 0.5 percent of the unpaid tax for each month the tax is not paid up to a maximum of 25 for partnerships so like an s corporation a partnership does not owe tax itself that is generally treated as an extension of the partners so partnerships must provide a schedule k1 to all partners detailing their share of the partnership's income and deductions for the year so if you don't file your 2020 partnership return including a schedule k1 for each partner on time you may owe a penalty equal to 195 dollars per partner for each month the return is laid up to a maximum of 12 months so the due date for a calendar year partnerships 2020 return is march 21st as march uh 15 20 21st so if you think you you may need more time to prepare your return you should you want to file your for an extension using form 7004 right now and the due date for your partnership return will be extended once you do that it will be extended to september 15 2021 so all this conversation that i've just had with you about filing a business a business tax extension you might be thinking that it only applies to the federal of course i've been using federal uh tax form 7004 4868 but please do not forget extensions on state income taxes those are important too because your business is liable for state income taxes as well right so states that have state income tax have different roles for extending the state return some states may go along with the irs extension while others particularly new york for example will require you to file a separate extension so you want to check with your state's taxing authority to make sure you are complying with your state's requirements for filing an extension now having said that as a general rule it's just better to refer to the tax form instructions or tax cut for your state before you request a test estate tax extension all right folks this is about it this is uh this was a short convo about how to file um a business test extension either online or offline and i wish you were able to learn a lot and if you did please just smash the like button and subscribe to our channel and i will see you next time but before i just go let me recap here as i define what a business tax extension is what the general rules are for filing a business test extension how do you file an extension how do you e-file an extension how and where you can manually file an extension and how to avoid costly irs penalties good luck i will see you next time but until then remember stay marvelous [Applause] you