1. Federal Tax Filing for S Corporations
2. Income Tax Return Deadline for S Corporations
3. Deadline for Quarterly Income Tax Filings
4. Deadline to File Federal Unemployment Taxes
5. Making Federal Tax Payments on Time

S corporation taxes due dates are fixed throughout the year and vary little unless the due date falls on a weekend or holiday. The due date is then changed to the next business day. All taxes have to be paid by the stated date or the corporation risks paying a penalty. 

Federal Tax Filing for S Corporations

All S corporations have a legal responsibility to file an informational tax return known as the 1120S along with other IRS forms to report financial information. These forms include the 940 and 941, which reports the unemployment taxes due for that period along with taxes withheld for FICA. Shareholders/owners of the corporation report their profits, losses, credits, and other gains from the S corporation on their personal tax returns. Taxes are paid at the personal tax rate, allowing the corporation to avoid double taxation on its income. 

Income Tax Return Deadline for S Corporations

The annual tax return for an S corporation is almost always March 15th or the 15th day of the third month after the end of the tax year. Sometimes this day falls on Emancipation Day, which can affect the deadline. The same can happen if the 15th falls on a weekend day. Organizations that are exempt, such as charities and nonprofits, have to file taxes on the 15th day of the fifth month of the fiscal year for the organization. A business that shows a profit has to pay the tax installments by:

  • April 15
  • July 15
  • September 15
  • December 15

An S corporation with a calendar year that ends December 31st has to file Form 1120-S by March 15th. But if an S corporation has a fiscal year end of July 31st, it will file the form by September 15th of that year. In the event the corporation is unable to file by the stated due date, it can request an automatic extension of six months. 

Deadline for Quarterly Income Tax Filings

A corporation that hires employees and pays them wages becomes responsible for withholding federal income taxes, as well as Medicare and Social Security taxes, from their pay. The corporation then has to file a Form 941 on a quarterly basis to report the total amount it has withheld and remit that amount to the IRS. Form 941 is due four times a year on:

  • January 31
  • April 30
  • July 31
  • October 31

Form 941 is used to report income such as: 

  • Quarterly wages
  • Tips
  • Federal income tax withholdings
  • Social Security and Medicare taxes
  • COBRA credit for unemployed worker health insurance

Deadline to File Federal Unemployment Taxes

An S corporation may also be required to file annual Federal Unemployment Tax (FUTA) also known as Form 940. In the event the FUTA payment totals more than $500 in any quarter, the taxes will be due. 

In the event the S corporation pays wages more than $1,500 in any given calendar quarter or has a minimum of one employee working at least a partial day in 20 or more separate weeks, it usually has to file Form 940. The purpose of Form 940 is to report the total wages the corporation owes unemployment taxes for, and the corporation is responsible for remitting the amount to the IRS. 

Form 940 has to be filed by January 31 every year the corporation is in operation. In the event the corporation pays all of the tax on time when the totals were more than $500, the IRS allows the corporation to file as late as February 10 with no penalty. In the event the corporation files after the deadline and has an unpaid balance, a 5 percent penalty may be assessed on part or all of the month.

Making Federal Tax Payments on Time

The IRS has a preference for receiving tax payments from S-corporations through its Electronic Federal Tax Payment System (EFTPS). There are no fees for filing taxes through the system and it helps corporations file in a timely manner to avoid penalties. In the event the corporation doesn't want to do the work in-house, it can have its payroll service or accountant submit the payments on its behalf. However, there may be a fee charged for these services.

If you need help with corporation taxes and their due dates, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.