There are a number of tax deadlines tomorrow, March 15th. Here’s what you need to know.
Calendar Year Corporations: If you have a calendar year corporation, your Form 1120 or Form 1120S is due tomorrow. If you’re not ready to file, simply file Form 7004. That can be electronically filed, or mail it. If you mail it, use certified mail, return receipt requested.
State Corporate Returns: Calendar year state returns are mostly due tomorrow, though not every state shares the March 15th deadline. (For example, Florida uses April 1st as its deadline.) Most, but not all, states allow a federal extension to apply for their state. If in doubt, check! For example, Pennsylvania requires a separate extension.
Form 3520-A: This is one of the forms for foreign trusts, and it has a due date of March 15th. (The other main form, Form 3520, is due on the same date as your personal tax return including extensions.) You can file an extension for Form 3520-A using Form 7004. This extension must be mailed to the IRS, so use certified mail, return receipt requested. The IRS does currently accept foreign postmarks so if you’re outside of the US go to your post office and mail it. Or use an approved private delivery service.
Form 1042-S (and Form 1042 series): This is a report of income paid to non-Americans. The filing due date (either electronic of mail) is March 15th. Other Form 1042s are also due tomorrow (the 1042 series of forms notes withholding on income paid to non-Americans).
If you are in doubt as to whether or not you will get your return done in time, simply file the extension now. There’s no harm with filing an extension today and filing your return tomorrow. There’s a big penalty if you don’t file your extension today or tomorrow and file your return on Wednesday.
Tags: 2016.Tax.Season