What's the filing date for an S-Corp?
I thought I was asking a dumb question but I've spoken to three people on the IRS' business help line and no one knows so far. They keep transferring me. 38 minutes on hold so far. Guy
March 15th.
-- Regards,
Mark Rigotti
The due date for any corporation is 75 days after their tax year ends. In other words, if the tax year ended 12/31/2004 (and most S Corporations do end then), the return was due on
03/15/2005. Wayne Brasch, CPA, M. S. Taxation
But 3-15 is only 74 days after 12-31 except in leap years. The actual deadline is the 15th day of the third month after the corporation's year end. So a corporation terminating on
3-2-05 has a due date of 6-15-05. Which is 105 days after their tax year ended. If the due date falls on a weekend or legal holiday then it moves to the next business day.-- Drew Edmundson, CPA (NC)
What really got me about the 75 day answer, is because I have two June 30th fiscal year corporations as clients, and suddenly I thought, with a 75 day rule, that I was always late in filing their form 7004's by September 15th! (lol) (31 + 31 + 15 days) ChEAr$, Harlan Lunsford, EA n LA Sun 27 mar 2005
I'd like to add to this question. What if you missed the filing deadline for an S Corp that has not tax liability (i.e. no BIG tax or passive income issues)? Is there some sort of procedure such as is with a late S election where the IRS would accept the extension late if you showed reasonable cause? I tried looking around for a Rev Proc that might address this, but came up with nothing. Also, if any, do the penalties associated with missing an S Corp filing fall under the informational return penalties or the corporation return penalties? Thanks for the help.
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