Don’t Miss Your Filing Dates! | USTaxAid

Diane Kennedy's Blog

Don’t Miss Your Filing Dates!

Written by Diane Kennedy, CPA on March 13, 2020

It’s tax season. In fact, in just 3 short days (3/16/2020), your S Corp and partnership tax returns are due.

In another month (4/15/2020), your individual and C Corp tax returns with a year end of 12/31/19 are due. Some states follow those dates and some are completely different. For example, Texas’s Franchise Tax filing is due 5/15/2020.

Your non-profit (501 (c ) (3) ) corporation return is due 5/15/2020.

With all of the news regarding COVID-19 (coronavirus), what will that due to your tax return filing?

So far, nothing. The due dates are what they are. However, it has become increasingly more difficult to get information you may need for your return from banks, investment houses or governmental agencies. As of the date of this writing, there is an ongoing discussion of extending the individual tax return due date past 4/15. There is no discussion currently about extending the due date of S Corporations or Partnerships.

The best thing may be to just file for an extension, no matter what type of entity you have.

To file for an extension of your S Corporation (Form 1120S) or Partnership (Form 1065), use Form 7004. Verify that you don’t need to also file for a state extension for your business. (In most cases, you won’t. But it’s always good to check.)

You can wait a little longer to file for extensions for other entities or your individual return.

At the time of writing this, the government has not moved the due dates. It is possible that may occur but based on past history, it’s usually at the last minute. For that reason, I recommend filing for extensions. You can mail in a paper copy, but if you mail it, make sure you send it return receipt requested so you have proof of filing.

The penalties have increased for late filing of S Corps and Partnerships, so don’t miss this!

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