Category Archives: efiling Corporate Tax Extension

April 15 Due Date for Businesses reporting IRS Tax Form 1120

The RS is once again moving the income tax filing deadline to allow more time to complete and submit your tax return and to pay any taxes you may owe. This year, individual taxpayers, including sole proprietors and single-owner LLCs, who normally have to file their tax return by April 15 will have until May 17, 2021 to file their 2020 taxes. 

Many businesses, including most S corporations and partnerships, have a tax filing deadline of March 15. This deadline is unchanged, since the change was announced after this deadline passed. The April 15 deadline for C corporations is also unchanged.

April 15 deadline for C corporations is also unchanged.

Most businesses and self-employed individuals must submit estimated tax payments quarterly and file an income tax return annually. Filing dates depend on whether you operate a corporation, partnership, S corporation, or sole proprietorship.

Sole proprietorships use the same tax schedule as individuals, so 2020 returns are due on April 15, 2021. If your business is an S corporation or a partnership, the return is due on March 15, 2021. Corporations can have various tax filing deadlines, and it should be defined in your corporate resolution. S corporations and partnerships, have a tax filing deadline of March 15. This deadline is unchanged, since the change was announced after this deadline passed.

April 15 deadline for C corporations is also unchanged.

Extension Tax Online is Due April 15

Corporate income tax returns

Companies have until April 15, 2021 to submit corporate tax returns for income received in 2020. Businesses may use Form 1120 or request a six-month extension by filing Form 7004 and submitting a deposit for the amount of estimated tax owed. The first quarterly estimated tax payment of the year is also due on this date. If your business requests an extension, you have until October 15 to submit your income tax return using Form 1120. You’ll be required to pay penalties, interest, and any remaining tax at that time.


Federal excise tax requirements for small businesses

Federal excise taxes apply to a number of different products and industries. Filing requirements vary depending on the nature of your business. Form 720, Quarterly Federal Excise Tax Return, applies to retailers, manufacturers, communications companies, and travel services. It’s filed quarterly, with this year’s due dates falling on April 30, July 30, October 29, 2021, and January 31, 2022.

Q1 Form 720 – Federal Excise Tax Filing Falls Due This April 30, 2021. Use TaxExcise.com to eFile and receive instant acknowledgement.

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IRS reminds taxpayers to make April 15 estimated tax payment

The Internal Revenue Service today reminded self-employed individuals, retirees, investors, businesses, corporations and others who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021.

The extension to May 17, 2021 for individuals to file their 2020 federal income taxes does not apply to estimated tax payments. The 2021 Form 1040-ES, Estimated Tax for Individuals, can help taxpayers estimate their first quarterly tax payment.

Extension Tax Efiling
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The deadline to file an extension for C-corporation income tax returns (IRS Form 1120) is April 15, 2021. E-file now!

To give employers more cash in their paychecks, businesses were given the option to postpone withdrawing the employee’s share of payroll taxes on salaries earned between September 1, 2020, and December 31, 2020. Beginning March 27, 2020, you were given the option to delay the employer’s share of payroll taxes. Payroll taxes suspended during this time frame must be collected by April 30, 2021. To offset the balance that was withheld last year, you’ll need to subtract extra payroll tax from workers’ checks for the first four months of 2021. These taxes should be deposited in accordance with the daily salary withholding plan.

The tax filing deadline was March 15 for several companies, like most S corporations and partnerships. Since the move was announced after the deadline, this deadline remained unchanged. For C corporations, the April 15 deadline remains the same. Since sole proprietorships follow the same tax code as corporations, their 2020 returns must be filed by April 15, 2021. By filing Form 7004 along with a deposit equal to the amount of expected tax due, partnerships and S corporations may seek a six-month extension. The annual tax return, with interest and fees, is due on September 15 in this situation. Corporate tax returns for taxes earned in 2020 must be submitted by April 15, 2021. Businesses may use Form 1120 or file Form 7004 to make a deposit for the amount of expected tax owed to seek a six-month extension. This is also the deadline for the first quarterly projected tax payment of the year. You have until October 15 to file your income tax return using Form 1120 if your company has requested an extension. At this point, you’ll have to pay fines, interest, and any residual tax.

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The deadline to file an extension for S corporation and partnership tax returns is March 15, 2021. E-file now!

Tax deadlines can sneak up on you, and nothing is more aggravating than having to pay a fine you could have avoided. Save each relevant filing date to your calendar and stay one step ahead of the IRS. So when is the 2021 “tax day”? April 15, 2021.

The IRS has extended the deadline for filing and paying business returns normally due on March 15th and April 15th to victims of the Texas winter storms until June 15th, 2021.

So when do you have to pay your taxes? If you’re mailing your return, the IRS considers it “on time” if it’s properly addressed, has enough postage, and arrives in the mail before the end of business on the filing deadline. Otherwise, you have until midnight on your tax filing deadline day to e-file your return.

So when are the tax extensions for 2021 due? You have until the due date of your taxes to file for an extension. Individuals can still file for a tax extension on April 15 if they want to. The same is true for businesses: S corporations and partnerships have until March 15 to file for an extension, while C corporations have until April 15 to file.

Here are the two important deadline details:

March 15 Deadline:

The due date for S corporation and partnership tax returns: The deadline to file your S corporation tax return (Form 1120-S) or partnership tax return (Form 1065) is March 15th, 2021.

The deadline to file an extension for S corporation and partnership tax returns is also March 15.

Forms:

  • S Corporation Income Tax Return (Form 1120S)
  • Return of Partnership Income in the United States, Form 1065

April 15 Deadline:

  • Individual tax returns are due on April 15th: Individual tax returns must be filed by April 15 (Form 1040, 1040A, or 1040EZ). The April 15 deadline also applies to sole proprietors who file Schedule C on their personal tax returns. The deadline to file for an extension to file your individual tax return is also April 15.
  • The due date for C corporation tax returns: The deadline for filing C corporation tax returns is today (Form 1120). The deadline to file for an extension to file your corporate tax return is also April 15.

Forms:

  • U.S. Corporation Income Tax Return (Form 1120)
  • Application for an Automatic Extension of Time (Form 7004)

The IRS has already begun accepting returns for 2020 since February 12, 2021. That being said, we support all major Extension Tax Application filing and are processing all the extension tax forms:

  • Form 4868 – Automatic Extension of Time To File Personal Income Tax Return
  • Form 7004 – Automatic Extension of Time To File Business Income Tax Return
  • Form 8868 – Automatic Extension of Time To File Exempt Organization Tax Return

If you need additional time, federal extension tax reporting is now easy, fast, and secured at ExtensionTax.com. You don’t have to be an expert, applying for an extension at ExtensionTax.com. It’s now made easy, 100% Fast, Safe, and Accurate since it’s an IRS-authorized e-file website to extend the income tax due dates in simple steps and on the go. You will also receive an instant TEXT alert on your extension return status in just minutes once IRS accepts your tax return.

Need Help? Free product support from our Customer Care representatives is just a phone call away. Talk to our Tax Experts, at (866) 245 – 3918 or write to support@extensiontax.com (available 9:00 a.m. – 6:00 p.m. Eastern) or take a look at our blogs, FAQ’s. It’s all just a click away.

Reminder to tax-exempt organizations: 990s, other forms due July 15; e-file best way to file

Extension of Time beyond July 15

The Internal Revenue Service today reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020. For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15. The upcoming July 15 deadline applies to many forms that were originally due May 15, including:                                                                                                                                                                                                                                                                

  • Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF, 990-BL)
  • Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990-EZ
  • Forms 8871, Political Organization Notice of Section 527 Status
  • Form 8872, Political Organization Report of Contributions and Expenditures
  • Form 990-T, Exempt Organization Business Income Tax Return
  • Form 1120-POL, Political Organization Filing Requirements
  • Form 4720, Private Foundation Excise Tax Return

Tax-exempt organizations that need additional time to file beyond the July 15 deadline can request an automatic extension by filing Form 8868, Application for Extension of Time to File an Exempt Organization Return. An organization will be allowed a six-month extension beyond the original due date. For a calendar-year 2019 return, this means the extended deadline would be Nov. 15, 2020. In situations where tax is due, extending the time for filing a return does not extend the time for paying tax. 

The IRS urges all organizations to take advantage of the speed and convenience of filing their returns electronically when possible.


Extension of Time