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North Dakota Of?CE of State Tax Commissioner Form 60-EXT 2013 S Corporation Extension Payment Purpose How to make payment If an S corporation is applying for an extension of time to ?LE the 2013 Form

How to fill out s corporation extension payment

How to fill out an S Corporation extension payment:

1. Determine if you qualify: Before filling out an S Corporation extension payment, ensure that you meet the requirements for an extension. Generally, S Corporations receive an automatic 6-month extension to file their tax returns, but this extension does not apply to the payment of taxes owed.
2. Obtain Form 7004: To request an extension for your S Corporation tax payment, you need to fill out Form 7004, also known as the "Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns." This form is available on the IRS website or can be obtained from a tax professional.
3. Fill out the necessary information: When completing Form 7004, provide your S Corporation's name, address, EIN (Employer Identification Number), and tax year. Ensure that all the provided information is accurate and up to date.
4. Calculate your estimated tax liability: To determine the amount to be paid for the extension, you need to estimate your S Corporation's tax liability. This can be based on previous years' tax returns or projected income for the current tax year. Make sure to consider any deductions, credits, or other factors that may affect your tax liability.
5. Complete Part I: In Form 7004, Part I is concerned with the payment of estimated tax. Calculate the total tax amount due by the original due date of your tax return and subtract any payments already made. This will give you the balance that needs to be paid with the extension.
6. Provide your payment: Include your payment along with Form 7004 and send it to the appropriate IRS address as indicated on the form. Make sure to use the correct method of payment, such as a check or electronic payment, and include the necessary information to identify your payment.
7. Retain a copy for your records: Once you have filled out Form 7004 and made your payment, it is important to keep a copy for your records. This copy can serve as proof of your extension application and payment.

Who needs an S Corporation extension payment?

1. S Corporations with tax liabilities: S Corporations that have taxes owed for a specific tax year and are unable to file the tax return by the original due date may need to make an extension payment.
2. S Corporations seeking more time to file: Some S Corporations may require additional time to gather the necessary financial information, review their tax obligations, or consult with tax professionals before submitting their tax returns. In such cases, an extension payment can provide extra time to meet the filing deadline while avoiding potential penalties and interest charges.
3. S Corporations planning to submit amended returns: If an S Corporation identifies errors or omissions in a previously filed tax return and needs to submit an amended return, they may choose to request an extension to have more time to complete the necessary corrections and payments required.

Overall, it is important for eligible S Corporations to understand the process of filling out an S Corporation extension payment and to ensure compliance with the IRS guidelines to avoid any penalties or interest charges.

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What is s corporation extension payment?

S corporation extension payment is a payment made by an S corporation to the IRS in order to extend the deadline for filing its tax return.

Who is required to file s corporation extension payment?

Any S corporation that needs additional time to file its tax return must make an extension payment.

How to fill out s corporation extension payment?

S corporation extension payments can be made electronically using EFTPS or by mailing a check or money order with Form 7004.

What is the purpose of s corporation extension payment?

The purpose of the extension payment is to give S corporations more time to file their tax returns and avoid late filing penalties.

What information must be reported on s corporation extension payment?

The extension payment must include the corporation's name, address, EIN, and the amount of the payment being made.