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Irs fillable 7004 Form: What You Should Know
Internal Revenue Service. 10 U.S.C. § 511(c) (i) For each reporting period beginning in the second calendar quarter preceding the filing year for which the application is filed, an extension for 6 months, or the duration of any extension of any period of limitation, from the due date of the return for such reporting period is granted for each return if the total of all amounts reported for withholding and other remittances of income during such reporting period in connection with the taxpayer's business is over 20,000. Except as provided in clause (iii) below, (1) the IRS will not grant an extension based on the amount of tax which has not been paid at the close of such reporting period. If the total amount of such tax not paid at the close of such period under clause (3) of this subparagraph does not exceed 20,000, no automatic extension will be granted for such period; and (2) an automatic extension will not be granted if the corporation files a Form 8802 on or before the first day of the quarter on which the return, or amended return, is due. (iii) (A) The corporation is an exempt foreign corporation for the taxable year and for the 3-year period the taxable year of the corporation begins. (B) The corporation received dividends from a tax-exempt source for the quarter in which the application is submitted. For the 3-year period beginning with the taxable year of the corporation for which the form is filed, clause (A) of this subparagraph shall be applied by substituting 1/3 of the amount in clause (C) for 1. The amount received in the third month after the close of the taxable year of the corporation for which the application is filed, divided by 12 if the application is filed, is equal to or greater than 500. (D) No more than 15 of the returns filed for the 3 taxable years preceding the taxable year in which the corporation files its application have been corrected because of an error made by the corporate taxpayer or its agents. For purposes of this subparagraph, a return means a report of tax liability received by the corporation and filed in a timely manner before the due date of such information return. (3) If the corporation filed a return for the preceding taxable year or a report of the returns filed for the preceding taxable year, then no amount shall be included in the computations of the taxable year of the corporation for which an extension is requested.
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