There is a pressing need to act quickly because there isn’t much time left to file the C-corporation Form 1120 income tax return or an Extension Form 7004 for C-corporation 1120 to seek a filing extension. It’s not unfair to choose to save your hard-earned money for as long as possible, so you can make sure that you register and pay your taxes on or before the deadline to avoid IRS fines and interest. Keep one step ahead of the IRS by e-filing for an automatic 6-month extension of time to file the income tax returns. The deadline to file your C-corporation income tax returns (IRS Form 1120) is TODAY, April 15, 2021. The deadline to apply for a Form 7004 extension, which is an automatic extension of time for Form 1120, is also TODAY, April 15.
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.
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.
Victims of this month’s winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
Following The recent disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to the entire state of Texas. But taxpayers in other states impacted by these winter storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.
In the latest IRS release (Issue Number: IR-2018-100), April 17th Deadline is pushed to April 18th, as there was a system issue and tool some time to set it right. Here is the details from the IRS release.
WASHINGTON — The Internal Revenue Service announced today that it is providing taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. Individuals and businesses with a filing or payment due date of April 17 will now have until midnight on Wednesday, April 18. Taxpayers do not need to do anything to receive this extra time.
The IRS encountered system issues Tuesday morning. Throughout the system outage, taxpayers were still able to file their tax returns electronically through their software providers and Free File. Taxpayers using paper to file and pay their taxes at the deadline were not affected by the system issue.
“This is the busiest tax day of the year, and the IRS apologizes for the inconvenience this system issue caused for taxpayers,” said Acting IRS Commissioner David Kautter. “The IRS appreciates everyone’s patience during this period. The extra time will help taxpayers affected by this situation.”
