S Corp Tax Return Due Date: Everything You Need to Know
The S corporation tax return due date falls on the same date each year, March 15. 3 min read
2. S Corporation 1120S Return Due Date
3. Tax Deadlines in Calendar Year 2017 for 2016 Returns
4. Every Date You Need to File Your 2017 Tax Return
The S corporation tax return due date falls on the same date each year, March 15. It includes the possibility of a six-month extension if you file Form 7004. S corporations have to file an annual tax return, among a number of other documents, to the IRS. These taxes mainly relate to the wages that are paid to the company's employees.
S-Corp Federal Tax Filing Dates
"Pass-through" entity means the income and losses of the corporation go directly to the shareholders. In turn, they report it on their individual tax returns. The shareholders also pay the taxes on the profits and the losses.
An S corporation is required to submit a number of forms related to the taxes withheld from employee wages to the IRS, including an annual informational income tax return. It is required for all S corporations to file their annual tax returns. This day typically lands on March 15, or the 15th of the third month of the year following the tax year's end. A corporation must record its financial activity and include this information on Form 1120S, as well as attach a Schedule K-1 per shareholder.
It is possible for a corporation to file for an extension, which adds six months to the March 15 filing date, by submitting IRS Form 7004. Shareholders are subject to the same income taxes demanded of all individual taxpayers. This means that shareholders who are paying tax on corporate income are subject to the annual April 15 deadline.
An S corporation will have to withhold federal income tax, Medicare taxes, and Social Security from paychecks if it pays dividends to its employees. To do this, an S corporation will need to file IRS Form 941, and it must report the estimated amount that the company will withhold and transfer to the IRS every quarter on:
- October 31
- January 31
- April 30
- July 31.
S Corporation 1120S Return Due Date
The filing deadline for Form 1120S is the 15th day of the third month following the tax year's end. This date is March 15, 2017 for corporations on the calendar year. The tax filing date for corporations that are due to dissolve is also the 15th day of the third month following the end of the year. If the tax due date lands on a legally recognized holiday or Saturday or Sunday, the business can file the following day that is not one of the aforementioned days.
An S corporation must submit Form 1120S by the appropriate due date if the S corporation election ends and returns to a C corporation. This includes extension dates. To request an extension lasting six months, file Form 7004 Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns by the usual return due date.
Tax Deadlines in Calendar Year 2017 for 2016 Returns
The following are important dates you should know pertaining to IRS Form 1040ES or your tax payments:
- April 17, 2017
- June 15, 2017
- September 15, 2017
- January 16, 2018.
Take note of the following extensions given to certain IRS form deadlines:
- IRS Form 1065: Partnership returns, extended to September 15, 2017 from March 15, 2017.
- IRS Form 1041: Filing estate or trust income tax, extended to October 2, 2017 from April 17, 2017.
- IRS Form 1120: Filing income tax returns for a C corporation, extended to October 16, 2017 from April 17, 2017.
- IRS Form 1120-S: S corporation returns, extended to September 15, 2017 from March 15, 2017.
- IRS FinCEN Form 114: Reports of foreign bank accounts; the deadline is April 18, 2017.
Every Date You Need to File Your 2017 Tax Return
Corporations have a deadline to file their tax returns — Form 1065 for partnerships and Form 1120S for S corporations. This date was extended to September 17, 2018 from March 15, 2018. The deadline for Form 1120 of C corporations and Form 1040 for individuals has been extended to October 15, 2018 from April 17, 2018. Form 990 is filed by exempt organizations, and it has a deadline of August 15, 2018, an extension from May 15, 2018.
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