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Posted by taxguru on February 28, 2003

Corporate Extensions

Corporate income tax returns, both C and S, are technically due two and a half months after the end of the tax year. For those with a normal January though December calendar fiscal year (required for S corps, not a good idea for C corps), this means the due date is March 15. However, since the 15th falls on Saturday this year, the official date will be Monday, March 17.

We have already had people contacting us panicking about this impending due date as if it’s a set in stone, drop-dead do or die deadline. Not even close. Just as there are extensions of time to file individual income tax returns, there is an automatic six month extension available for corporations with IRS by sending them Form 7004 by March 17.

Just as with individual extensions, this only gets you out of the late filing penalties and does not affect late payment penalties. If it looks like your C corp will owe any tax, you should enter that on the 7004 and deposit that amount with your bank with a corporate depository coupon by March 17. Since S corps don’t normally pay any Federal income tax, only the 7004 needs to be sent in for them to have an additional six months of time.

After filing the 7004, the new deadline for the corporate tax return will be September 15.


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