Business Taxes: Important Due Dates
In general, all businesses operating in the U.S. are required to report their activities to the IRS by filing annual tax returns. The due date and type of tax return that is filed depends on the type of business entity.
NOTE: Businesses that must normally file by March 15 will have until Monday, March 16, 2015 to file their 2014 returns. This is because March 15, 2015 is a Sunday.
If a business cannot file on time, Form 7004 should be submitted to request a tax extension. Form 7004 must be filed by the original due date of the business’ tax return. Depending on the type of business, the IRS will grant a five- or six-month extension period, beginning on the date the tax return was originally due. For example, if a business obtains a 6-month extension and its original filing deadline was March 16, 2015, its new filing deadline is September 15, 2015.
A tax extension gives you more time to file, however, it does not give you more time to pay. You are still expected to pay your business tax liability by the original due date. If you fail to file and/or pay your taxes on time, the IRS will impose penalties and interest charges.
Due Dates for Filing a Business Tax Return or Tax Extension
The deadline for filing a business tax return or tax extension is the same date. For example, if your business return is due by March 16, you must file Form 7004 by March 16 in order to get an extension.
Business owners who report their business activities on their personal tax return (including sole proprietorships and single-member LLCs) should not request a business extension with Form 7004. Instead, these taxpayers should request a personal extension with Form 4868 to extend the filing deadline for both their personal and business taxes. Form 4868 must be filed by the original due date of your personal tax return (usually April 15).
Here are the original filing due dates for various types of business entities (for calendar year filers):
• Sole Proprietorships (Form 1040): April 15
• Single-Member LLCs (Form 1040): April 15
• Partnerships (Form 1065): April 15
• Estates & Trusts (Form 1041): April 15
• Corporations (Form 1120): March 15 (March 16, 2015 this year)
• S-Corporations (Form 1120S): March 15 (March 16, 2015 this year)
• Homeowners Associations (Form 1120-H): March 15 (March 16, 2015 this year)
• Cooperative Associations (Form 1120-C): March 15 (March 16, 2015 this year)
• Real Estate Investment Trusts, REITs (Form 1120-REIT): March 15 (March 16, 2015 this year)
• Real Estate Mortgage Investment Conduits, REMICs (Form 1066): April 15
NOTE: If a corporation files based on the fiscal year, the original filing due date is the 15th day of the 3rd month following the close of the taxable year.
A business tax extension will give you either 5 or 6 more months to file. Businesses that are requesting an extension for Form 1065 (partnerships), Form 8804 (partnership withholding), or Form 1041 (trusts and non-bankruptcy estates) are limited to a 5-month extension. Most other types of businesses, including corporations and REITs, are permitted a 6-month tax extension.
If your business return is originally due by March 16, 2015 and you obtain a 6-month extension, you will have until September 15, 2015 to file your return. If you business return is originally due by April 15, 2015 and you obtain a 5-month extension, you will have until September 15, 2015 to file your return.
It’s highly recommended that you use an Authorized IRS e-file Provider to file your taxes online. For tax extensions, an approved 3rd party software provider (like www.FileLater.com) will help ensure that your sensitive data is kept secure.