Tax Filing Deadline #1 is March 15th. Are You Ready?


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I don’t know about you, but this year is flying by faster than ever before. It seems like only yesterday that it was New Year’s Eve, and now it’s time to file extensions for many of my business’s tax returns!

Here’s how it works: S Corporations, and C Corporations with a Dec 31st financial year-end are required to file their tax returns by March 15, 2008, unless they have filed for a 6-month extension. (Actually, as March 15th falls on a Saturday, the IRS is generously allowing us to file up until midnight on Monday, May 17th).

Even as a CPA, this early deadline always gets me! I’m used to thinking about the April 15th deadline for individuals and entities using partnership or single-member taxation (limited partnerships and all LLCs that are taxed as either a partnership or as a single-member disregarded entity). Every year March 15th sneaks up on me …

The form to file is IRS Form 7004. You can pick it up at www.irs.gov. It can be filed by fax, and in many cases online. And if you have a CPA, check in with him or her to see if it’s already been filed. Many CPAs make a habit of filing this form for all of their clients, just in case.



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