How do I file a tax extension for an S Corp tax return?
1.2k views | Last modified 3/3/2023 1:53:09 AM EST | Added by ExpressExtension Team

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S-Corporations are classified as pass-through taxation entities, by which they aren’t required to pay income tax at a corporate level. Instead, the profits, and losses incurred by the business are reported on the tax returns of the individual shareholders. Hence, the tax dues, if any, have to be paid at the individual level. Even then, S-Corporations are mandated to file their informational tax return each year to report the taxes it withholds from the employee wages. 
 
When an S-Corp misses the tax deadline to file Form 1120-S, they can request an automatic extension of time by filing Form 7004- the s-corp IRS extension form. 
 
IRS filing deadline for s corporations
 
The S-Corporations have an obligation to file their annual tax return Form 1120-S by the 15th day of the third month after the tax period ends. Apart from this, an S-Corp has the responsibility to issue Schedule K-1 to all shareholders that have the mentioning of the individual shareholder’s share of the corporation’s income for that particular tax year. 
 
Steps to e-file an extension for S-Corp tax return
 
With ExpressExtension, you can easily e-file s corporation extension in simple steps. Here we go:

  • Create an account or Log in to your existing account and click on the 'Create Business Tax Extension (Form 7004)' button on the dashboard.
  • Enter the business details and Click Next.
  • Select the business tax return as‘1120-S U.S. Income Tax Return for an S-Corporation’.
  • Choose the Tax Year - calendar or fiscal year. If the tax year you are reporting for is less than 12 months (short tax year), you need to indicate the reason. The reason can be any one of these- initial return, final return, change in an accounting period, consolidated return, and other reasons. 
  • Choose whether or not you owe taxes to the IRS for the current tax year. If you owe taxes to the IRS, enter the Estimated Tax due details and click Next.
  • Select the  IRS tax-due payment method.
  • Review the form information and continue to transmit it to the IRS

 After you transmit your Extension form, we will send you an e-mail with further information. If an extension Form is rejected by the IRS for any specific reason, you can also re-transmit the rejected return with ExpressExtension at no additional charge.

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