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Friday, January 27, 2012

S-Corporation (and Partnership) Tax Filing Date Cometh...

While IRS Publication 509 calls for tax submission no later than the 15th day of the 3rd month after the end of the corporate year, for most S Corporations, that means March 15th. In the frenzy to file personal taxes, sort receipts, business expenses, and general mish-mash of taxable items, it is easy to forget the filing of an 1120S. You'll need the K1 from this filing in order to complete your own personal taxes, and any shareholder will need them, too.

What happens if you forget? The IRS will assess you a fine of up to $195 per shareholder, per month. This is galling, not only in the price tag, but also because for most of us, this is merely an "informational return". Information returns are to (surprise!) inform the IRS of tax status, or distribute such forms as K-1's of partnership notices. No taxes are paid.

Sub S corporations are generally automatically eligible for a 6 months extension (file IRS form 7004), although I have never seen this done. If you failed to file a timely 1120S, and have been notified by the IRS of an impending late fee, contact us! We often can get those fees reduced or completely removed.

Sean R. Hanover, Esq

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payroll tax filing Jacksonville said...

Informative and useful for demystifying information about tax filing. Thanks.

Sean Hanover, Esq said...

You are welcome! Appreciate the feedback :)

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