S Corporation and Partnership Filing Extension Deadlines are Approaching!
Did your business file an extension in 2017? If so, your extended tax deadline might be quickly approaching. On Sept. 15, 2017, certain businesses that filed an extension for 2016 income tax returns must submit it to the IRS in order to avoid late filing penalties.
Attention S Corporations and Partnerships!
Final deadline to file tax returns for the year 2016 if an extension was requested is Sept. 15, 2017 for the following business structures:
C Corporations – Your Deadline is Oct. 16
The IRS is allowing calendar-year C Corporations a six-month filing extension, instead of the five-month extension specified in the tax code.
In Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, posted by the IRS on Feb. 2 stated:
“An automatic 6-month extension for a calendar year C Corporation …”
However, IRC Sec. 6081(b), as amended by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, provides for five-month extensions for calendar-year C Corporations (until 2026).
The IRS has provided guidance reassuring taxpayers that the 6-month extension provided for in the Form 7004 instructions is correct. The IRS stated that IRC Sec. 6081(a) provides the IRS authority to grant a 6-month extension.
Calendar year C Corporations are eligible for an automatic six-month extension to file, thus extending the deadline is Oct. 16, 2017 for qualifying businesses. The extended due date also applies to extensions of individual tax returns and disregarded entities like self-employed persons.
Does this upcoming tax deadline for your S Corporation or Partnership apply to you? If so, connect with a Tax Advisor at Block Advisors now.