Have a Tax Question? Ask a Tax Expert
Hi and welcome to our site!According to instructions - Form 7004 must be filed on or before the due date of the applicable tax return. The due date of the C-corporation returns is the 15th day of the 3rd month after the end of its tax year. Because the IRS received the form 7004 after Apr 15 - they denied the request.I suggest to contact the IRS and point out that your request was timely postmarked - and provide a copy of your receipt from the post office.
my fiscal year ends Juen 30
so my deadline was Oct 15th
not Apr 15
Yes - that what I meant - sorry for typo - because the IRS received the form 7004 after Oct 15 - they denied the request.
isn't the deadline postmarked by, not received by??
The IRS has no information when you mailed your request - and they base their processing on the date they received. But you do have a case - and may contact the IRS with your proof.
don't they have the postmark on the envelope? I thought that's how it works for regular personal returns
I didn't mail it certified or return receipt
Not all envelops have dated postmark. If you do not have a proof - it would be harder to argue with the IRS.But still you may contact them asking to verify the date on the envelop they received.
ok, I'll try calling the 800 number on the response
one more question
I didn't have any tax liability this year
so is there any penalty if I don't file until later anyway?
The minimum penalty for a return that is over 60 days late is the smaller of the tax due or $135.So - if you will not be able to convince the IRS to accept your extension - you will have 60 days to avoid penalty.
smaller or greater of? because the smaller of $0 (tax due) and $135 is $0
Page 5 in instructions - see page 5 left column - http://www.irs.gov/pub/irs-pdf/i1120.pdfit says "smaller"
ok, so seems like that would be $0 in my case.
Do I lose my ability to carry forward losses if my return is late?
Filing late would not affect you ability to claim NOL - net operating loss.
so it seems like there isn't any adverse consequence in my case to filing late, regardless of whether they grant the extension?
Depending on individual situations... I do not see anything that affects you - but you most likely wants to file as soon as possible to free yourself for other tasks.
ok, thanks for the info