The IRS has released revised instructions (Rev. December 2017) for Form 7004.
The instructions [PDF 132 KB] for Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns, reveal the following measures are new:
The revised version of Form 7004 [PDF 69 KB] was released by the IRS in January 2018.
The instructions reiterate that the IRS will not notify a taxpayer that the extension request has been approved, but will notify the taxpayer only if the request for extension is disallowed. Tax professionals have observed that it is a good practice to contact the IRS to confirm that an extension request has been processed and approved.
The maximum automatic extension period generally is six months, with certain exceptions. The exceptions include:
The instructions clarify that a corporation with a short tax year ending anytime in June is treated as if the short tax year ended on June 30.
On the 2016 version of Form 7004, the categories of returns were grouped by the maximum automatic extension period allowed based on the type of return and the tax year-end. The new Form 7004 does not separate the subject returns by the maximum allowable extension period, but lists all forms in Part I.
© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.