Corporate Returns Due March 15th
Business owners of all types should be well on their way to pulling together all of the information which will be needed in order to prepare their entities income tax returns. C Corporation as well as S Corporation returns are due March 15th/or within 75 days after the close of the corporations taxable year. C Corporations should file a Form 1120 while S Corporations should file a Form 1120S. LLC’s, LLP’s, and Partnership returns are due April 15th. If one is a single member LLC then you can file a schedule C as part of your personal return. Otherwise LLC’s, LLP’s, and Partnership Returns/a Form 1065 would be filed.
Regular or C Corporation Returns are required to pay taxes on all of the income they generate at the corporate level while all flow through entities (S Corporations, LLC’s, LLP’s, and Partnerships) issue a K-1, as a part of their income tax return, to each owner reflecting their share of each years profit or loss.
Although all income tax returns may be legally extended allowing for a later filing date please be reminded that an extension to file is not an extension to pay and that both the IRS and states will assess penalties and interest to late payment. Accordingly, start today on pulling your information together and get your return filed ASAP so that you can go back to focus on the task at hand of having a successful and prosperous 2008.
Sphere: Related Content