Tomorrow is the deadline for calendar-year S-Corporations and partnerships to file their tax returns. In reality, most will file extensions. But let’s say you’re an S-Corp (or partnership) owner and you just realized there’s a deadline. What should you do?
“It’s better to extend than amend.” And the penalties for not filing an extension are, as President Trump would say, bigly.
That’s the answer–file an extension. Download Form 7004, follow the instructions, and mail the form using certified mail, return receipt requested, to the IRS. Or file your extension electronically.
Remember your state taxes. Some states have an automatic extension; some require a form to be filed. A few, such as Illinois and New York, have taxes on partnerships or S-Corporations. If you don’t know your income, make an estimate of what it is, calculate the tax, and send that with your extension.
The deadline is a postmark deadline, so as long as the extension is postmarked tomorrow you’re fine. If you are in an area hit by the recent winter storms (mainly in the northeast and mid-Atlantic), you have an extra five days (until March 20th) to file your extensions (or returns).
Tomorrow is also the deadline to file Forms 1042-S and 1042 with the IRS. These are reports of withholding to non-Americans. If you need to file those forms, make sure you get that done by tomorrow, too.
The deadline for individual tax returns, trust/estate returns, and calendar year C-Corporations is Tuesday, April 17th.
Tags: 2018.Tax.Season