Did everyone get their extension filed on time? If not, you will be facing failure to file penalties. Book a call with me at www.Bowenstaxsolutions.com to get those abated.

THANK YOU so much. This helped me out tremendously. I couldn't for the life of me, figure out what to put on line 6,7,8. being a partnership myself.

This was the most helpful video for an S corp. Thank you!!

@AmericasFavEA

4 ай бұрын

🙏🏾 thank you for that feedback!

@user-yx5oj6bd2g

4 ай бұрын

Our corporation has been operating since 2019. We were recently approved to become an S corp for the 2023 tax year. We have another business that uses the same EIN which was started in April 2023. Would #3 apply to us (consolidated return) as well as #5 (shorter filing period)? Thanks so much! @@AmericasFavEA

Wow, thank you so much! This helped me BIG TIME. Definitely got my subscription. Thanks a lot!

This was a very informative and helpful video...contained everything that I needed, and was explained in a very understandable manner. Thanks so much!

@AmericasFavEA

4 ай бұрын

🙏🏾 You're welcome!

THANK YOU!! Super easy to follow and understand. Earned a new subscriber Timalyn, God Bless!

@AmericasFavEA

4 ай бұрын

You are vey welcome. I'm glad you found it easy to follow.

Thank you for a very clear and concise explanation.

@AmericasFavEA

4 ай бұрын

You're welcome!

Not only is this video very informative and easy to follow, you have a great presentation voice. I am subscribing. :)

@AmericasFavEA

4 ай бұрын

Thank you for that feedback! I appreciate you subscribing.

Great Job very clear and concise

@AmericasFavEA

4 ай бұрын

Thank you!

So helpful! Thank you!

@AmericasFavEA

4 ай бұрын

You're welcome!

Great explanation!

@AmericasFavEA

4 ай бұрын

Glad it was helpful!

Thank you for such a clean explanation if I need to file 2 different extensions for two different LLC's can I send them to the IRS in the same mailing or two different mailings?

@AmericasFavEA

4 ай бұрын

This is a great question! If you do send them together I'd send them in separate envelopes. Be sure to send it via Certified Mail.

Thank you for such a clear explanation! Do we also need to file an extension for the state (NY) if it is an S-Corp?

@AmericasFavEA

4 ай бұрын

I'm not sure with NY. Unfortunately, each state gets to decide if they'll honor the Federal extension or not. I'd error on the side of caution and file one with them. The NY Department of Revenue should have that information.

Thank You!!!!!!!!!!!!

@AmericasFavEA

4 ай бұрын

No problem

This was helpful and easy to follow. If someone else filed the form for you, is there a way to confirm the form was actually submitted and on time?

@AmericasFavEA

3 ай бұрын

They should be able to give you a submission ID which is an acknowledgement number from the IRS. That is if they e-filed it.

Amazing video! Can I use the same 09 code for form 1065 if I am a single member LLC?

@AmericasFavEA

4 ай бұрын

If you are a single member LLC this actually won't apply to you. You file a Schedule C along with your 1040. Your due date is 4/15 and if you need an extension you'll file Form 4868.

Thank you for the video and explanation! Is there anyway to file the extension form electronically?

@adramjattan

4 ай бұрын

Lol never mind just saw an earlier comment with your answer. Thanks!

@AmericasFavEA

4 ай бұрын

@@adramjattan you're welcome!

In case you are a non resident alien owner of a single member LLC (needs proforma 1120/5472) do you file an extention with form 7004 or 4868 or both?

@AmericasFavEA

3 ай бұрын

We're past the deadline for 7004. If you are a single member LLC filing a NR1040 you would use Form 4868.

When filing for a standard corp/Texas for 2023 does the submit date move to April 4 & what is the given deadline to submit form 1120

@AmericasFavEA

3 ай бұрын

For a standard corporation the deadline is 4/15 for the Federal extension.

Ms Bowens. How do I calculate the late fee. I know the extension is supposed to be filed by March 15th. It’s now June 3rd. I only had business start August 19th 23, till Dec 31st 2023.

@AmericasFavEA

Ай бұрын

Sorry you missed that deadline. It depends on the type of business you have. It's multiplied by the amount of partners or shareholders you have.

If I file an extension on my business S-corp do that cover the extension on my personal taxes as well? or do I need to file that extension separately?

@AmericasFavEA

3 ай бұрын

They have to be filed separately.

I had no idea until today that the deadline was March 15th. I have a 3 member LLC. It is our first year and we only made a couple sales, it is mainly all startup costs. Will we still be penalized, if I file an extension?

@AmericasFavEA

4 ай бұрын

Unfortunately it's too late to file an extension. You're failure to file penalty is already starting to add up. I believe this year the amount is $220. It's $220/ partner for each month the return is late.

Hi Great video. Can we e- file extension without EFIN through software?

@AmericasFavEA

3 ай бұрын

Thank you. Unfortunately you cannot.

Hello! I have a question for you if I may, I moved the address of my business and no longer have access to my old address. Should I put my new or old address on the top of the form? I recently changed my address on my Business Entity Report with the state of Indiana and added my new address but I haven’t sent anything to the IRS about the address change (I see online there’s a form 8822-B but I haven’t filed it yet)

@AmericasFavEA

4 ай бұрын

1st - go Hoosiers! I'm Indiana born and raised. 2nd - use the new address because that's where the IRS will send any correspondence about the extension.

@htaki766

4 ай бұрын

Awesome! Thank you, is there a concern that they won’t locate my business EIN since this is the first year tax return I file for this LLC?

What if you are a single member LLC. Are you considered an S-Corp? Do you also put $0 on taxes due?

@AmericasFavEA

4 ай бұрын

That's a great question! You'd actually need to file Form 4868, not a 7004. That deadline is 4/15. kzread.info/dash/bejne/n2SFqMaFeNXSldo.html

Great Videos!! Quick question - can form 7004 be submitted 'electronically' by an individual (ie, not a Tax Professional)? Thx!

@AmericasFavEA

4 ай бұрын

You can through a 3rd party software.

@keilahsmith6112

4 ай бұрын

@@AmericasFavEA Can we contact a CPA to file electronically for us OR do we have to purchase the software?

@AmericasFavEA

4 ай бұрын

@keilahsmith6112 you can absolutely have a CPA or other tax professional submit it for you.

What tax software can e-file? And if I do paper and send the letter today, will that be timely filed? 😢

@AmericasFavEA

4 ай бұрын

If you can get it postmarked today, yes. I'm not sure which DIY softwares allow you to efile. I would try Tax Act and Turbo Tax may have a business edition.

I'm a non-resident, foreign owner of a single-member LLC. Can I fill out this form for an extension?

@AmericasFavEA

3 ай бұрын

For a single member LLC you need Form 4868. I have video for that on this channel as well.

As long as the form is mailed out on the 15th of March will it make the deadline on time?

@AmericasFavEA

4 ай бұрын

It won't make it there on time but it just needs to be postmarked today.

Hi What is the mailing address to send the extension ? please, Thank you

@AmericasFavEA

4 ай бұрын

Great question! It depends on the state you're in. You can find yours here: www.irs.gov/filing/where-to-file-form-7004

IF I PUT TOTAL TAX 00, CAN I HAVE PROBLEMS IF THIS IS NO THE EXACTLY???

@AmericasFavEA

4 ай бұрын

S Corps and Partnerships don't pay tax at the Federal level.

@Infinitypoint99

4 ай бұрын

@@AmericasFavEA is with my son, I think is 05, trust, is the same case?

@AmericasFavEA

4 ай бұрын

@somethingspecialez115 it is possible the trust could owe tax.

Which IRS address should we send the form?

@AmericasFavEA

4 ай бұрын

It will depend on your state. You can find yours here : www.irs.gov/filing/where-to-file-form-7004

Is there a separate extension form for 5471 and 5472 ?

@AmericasFavEA

3 ай бұрын

Form 4868 extends the 5471. There's also a 4868 video on this channel.

@sherdilawan3757

3 ай бұрын

Thanks. But 4868 is for US individual. What about US corporation which owns more than 10% foreign corporation

@AmericasFavEA

3 ай бұрын

@@sherdilawan3757 correct. Your initial question was about the 5471. That's extended with the 4868. A US corporation uses this form, 7004.

@sherdilawan3757

3 ай бұрын

Thank you so much

Can't this be e-filed?

@AmericasFavEA

4 ай бұрын

Yes, it can be efiled through a 3rd party software.

Thank you very much. We are a LLC multimember (Delaware 21/7/23) 2 european residents . Are we considered as a partnership ? We are going to prepare 7004 but in part II : Aply for us the regulations section 1.6081-5 ? (4) What is the last day : March 15 or June 15 ? very good video

@AmericasFavEA

4 ай бұрын

🙏🏿 You're welcome! You are indeed a partnership. Are your books and records kept outside of the US? If yes, automatic extension until 6/15. March 15th is the deadline to request an extension to give you until September 15th. Best wishes!

@hml13370

4 ай бұрын

@@AmericasFavEA Hey, to just confirm what this guy asked: Under Part II, the 4th question: If the organization is a corporation or partnership that qualifies under Regulations section 1.6081-5, check here. If I'm at the exact same position than Antonio is in, do we have to check that one?

@AmericasFavEA

4 ай бұрын

@henrilooman4537 if you're a just a Delaware LLC no. For nonresidents, yes.

@hml13370

4 ай бұрын

@@AmericasFavEA Thanks, yes it's a foreign-owned Delaware LLC. I'd like to confirm, I filed it for Form 1065, Do we sent that to where we would've sent the form 1065 or somewhere else? Thanks