Form 7004 Glossary: Plain-English Definitions
Quick answer
The terms you'll see on Form 7004 and in its instructions, each in one or two sentences, with a link to the full guide.
- Acknowledgment
- The IRS's electronic reply to an e-filed Form 7004, saying it was accepted or rejected. More.
- Automatic extension
- An extension you get by filing Form 7004 properly and on time, with no reason required. More.
- Balance due
- Line 8 of Form 7004: your tentative total tax minus payments and credits. It's due by the original due date. More.
- Calendar year
- A tax year from January 1 to December 31. More.
- Common parent
- The corporation at the top of a consolidated group. Only it (or its agent) requests the group's extension. More.
- Consolidated return
- One income tax return for an affiliated group of corporations. Checked on line 3. More.
- Disregarded entity
- A one-owner LLC that isn't taxed separately; its activity goes on the owner's return. More.
- EFTPS
- The Electronic Federal Tax Payment System, which most businesses use to pay federal tax. More.
- EIN
- Employer identification number: the nine-digit number the IRS assigns a business, trust or estate. More.
- Electronic funds withdrawal
- A payment taken from your bank account when you e-file Form 7004. More.
- Extended due date
- The new due date of the return after Form 7004: generally 6 months later. More.
- Fiscal year
- A 12-month tax year that ends on the last day of any month other than December. More.
- Form code
- The two-digit number on Part I, line 1 that tells the IRS which return you're extending. More.
- Legal holiday
- For federal tax due dates, a legal holiday in the District of Columbia. Due dates on one move to the next business day. More.
- Name control
- Generally the first four characters of the business name, used to match e-filed returns to IRS records. More.
- Original due date
- The return's regular due date. Form 7004 must be filed by it, and tax must be paid by it. More.
- Postmark
- The date stamp on mail. A paper Form 7004 is on time if it's postmarked by the due date. More.
- Reasonable cause
- A reason the IRS accepts for waiving a penalty. Explain it after you get a notice, not with the return. More.
- Regulations section 1.6081-5
- The rule giving certain foreign-connected entities until the 15th day of the 6th month. Line 4 asks for more time. More.
- Short tax year
- A tax year shorter than 12 months, such as a business's first or last year. Explained on line 5b. More.
- Tentative total tax
- Line 6 of Form 7004: your best estimate of the year's total tax, including nonrefundable credits. More.
- Total assets
- The business's assets at the end of the tax year. Used only to pick the mailing address for some returns. More.
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