Recently, the Internal Revenue Service (IRS for short) announced a revision of Form 7004. The revised version now allows businesses to apply for an automatic time extension, of up to 6 additional months, to file their business tax returns.
The official IRS statement regarding the revised form was announced on the 1st of February 2017 along with renewed instructions to fill Form 7004. Here is the official statement from IRS.
“A new revision of the Instructions for Form 7004, updated in the last few days at IRS.gov/LatestForms, correctly reflects that calendar year C corporations are eligible for an automatic 6-month extension of time to file their income tax returns”.
“Although Internal Revenue Code section 6081(b) provides a 5-month automatic extension period for the calendar year C Corporations, the IRS is granting a 6-month automatic extension under section 6081(a) instead. This change is reflected in the new revision of the Instructions for Form 7004.”
“The IRS wants to reassure the tax professional community that the information is correct in the Form 7004 instructions regarding the automatic 6-month extension. Information regarding Form 7004 and its instructions are available at IRS.gov/form7004.”
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