Prepare and e-file Form 7004 extensions for 1120 returns

1120 single returns

Open the return and go to
Organizer
Payments and Extension
Automatic Extensions
7004 Basic Data
.
In
Federal Extension Options (Mandatory)
, select an option other than
Do not print (Default)
.
Complete the return as needed. Verify the selections and confirm that the informational data at the top of the form is correct.

Extension payment information for single returns

Go to
Organizer
General Information
Bank Information
Extension
.
Make a selection in the
Confirm/Update (Mandatory)
section.
Based on the selection, review prior-year bank information or enter new bank account information.
Select
Authorization to debit funds
, enter the debit date, and review the populated fields.

Create and qualify a single return extension e-file

Go to
Organizer
Federal E-file Extension
Enable Extension
.
Select
Enable Extension E-file
, verify that the EFIN is entered, and select the Originator type.
Go to
Organizer
Federal E-file Extension
Signature Authorization
.
Complete the screen as needed. If payment is included with the submission, complete the
PIN Information
section.
Review the
Additional Information
folder, if needed. Typically, no changes are required.
Go to
Organizer
Federal E-file Extension
Error Checking
and generate the extension validation file.
Confirm that the e-file status displays
XML file is created - Return is 'Qualified'
.
Go to
Organizer
Federal E-file Extension
Create E-file Extension
and create the federal extension e-file.
Check and clear all diagnostics that prevent the e-file from qualifying.
Recreate the e-file until the status displays
XML file is created - Return is 'Qualified'
.
Locate the qualified extension in the browser and submit it.

1120 consolidated return prerequisites

The return has been fully recomputed.
A valid EIN has been entered in the federal organizer, or
Applied for
has been selected.
An address has been entered in the federal organizer.

Prepare consolidated member information

In the Topcon return, perform a full recompute and locate the
What to Consolidate
screen. The location varies by return and entity type.
Select
Subsidiary Listing Complete
. Confirm all members are listed, with Parent and Elimination returns displayed first and remaining members listed separately.
note
For some OIT returns, TAS controls subsidiary listings. If
Subsidiary Listing Complete
doesn't populate, verify the displayed member information.
Locate the
Review Preconsolidation Checklist
screen or folder, then locate the
Out of balance and compute pending
screen. Select
Compute all subsidiaries now
.
The location of these screens varies by return and entity type.
Consolidate the return. Consolidation is required to auto-populate member information on Form 7004.

Select consolidated member list options

Automatic Transfer:
Transfers member information based on the Subsidiary Listing displayed on the
What to Consolidate
screen.
Proforma Prior Year Member Lists:
Copies prior-year lists from
Subsidiary-Transfer
,
Subsidiary-No Transfer
, and/or
Inactive Subsidiaries
.
Use Multi-Tier Member Listing:
Includes all members from multi-tier groups, including sub-consolidations, rather than only the members listed on the
What to Consolidate
screen.
After selecting this option, select
Transfer Form 7004 Information
.
Subsidiary-No Transfer:
Lets users manually add members when they don’t use one of the transfer options. This option can also be used with
Automatic Transfer
.
Inactive Subsidiaries:
Identifies inactive members that are not listed in the return but still legally exist and have a filing requirement. This option can be used with
Automatic Transfer
or
Use Multi-Tier Member Listing
.

Create and qualify a consolidated return extension e-file

At the top of the
7004 Basic Data
screen, select an option other than
Do not print (Default)
in
Federal Extension Options (Mandatory)
.
Complete the return as needed. Verify the selections and confirm that the informational data at the top of the form is correct.
To review the subsidiary listing, select the
Members List
hyperlink on the tax form. All members should appear in one of the grids based on the member-list option selected.
If there is a balance due and payment will be made through the application, go to
Organizer
General Information
Bank Information
Extension
.
Make a selection in the
Confirm/Update (Mandatory)
section.
Review prior-year bank information or enter new bank account information based on the selection.
Select
Authorization to debit funds
, enter the debit date, and review the populated fields.
If no balance is due or payment isn't made through the application, continue with e-file setup.
Go to
Organizer
Federal E-file Extension
Enable Extension
.
Select
Enable Extension E-file
, verify that the EFIN is entered, and select the Originator type.
Go to
Organizer
Federal E-file Extension
Signature Authorization
.
Complete the screen as needed. If payment is included with the submission, complete the
PIN Information
section.
Review the
Additional Information
folder, if needed. Typically, no changes are required.
Go to
Organizer
Federal E-file Extension
Error Checking
and generate the extension validation file.
Confirm that the e-file status displays
XML file is created - Return is 'Qualified'
.
Go to
Organizer
Federal E-file Extension
Create E-file Extension
and create the federal extension e-file.
Check and clear all diagnostics that prevent the e-file from qualifying.
Recreate the e-file until the status displays
XML file is created - Return is 'Qualified'
.
Locate the qualified extension in the browser and submit it.