When Is Business Tax Filing Due?
Business filing deadlines depend on a number of variables including the business structure the company uses. A non-calendar year fiscal year also impacts the due date. Therefore, business tax filings due dates can vary widely. However, the initial due date for most business tax returns is March 15 or April 15.
Sole Proprietors and Single Member LLCs
Sole proprietors and single member LLCs that use the default disregarded entity status must complete Schedule C or Schedule E and include these with Form 1040, your personal tax return. As with all personal tax returns, you must file these by April 15 following the end of the tax year. However, you can file Form 4868 to get an automatic six-month extension.
Partnerships and Multi-Member LLCs
Partnerships and multi-member LLCs that default to partnership treatment must file a partnership return, Form 1065 and provide each partner or member with a copy of Schedule K-1 by April 15. Partnerships and multi-member LLCs that elect large form partnership treatment must file Form 1065B by April 15. However, large form partnerships must submit their Schedule K-1s in advance, by March 15. All partners and members treated as partners pay their applicable share of the partnership's or LLC's tax bill when they file their personal tax return. Partnerships can file Form 7004 to get a five-month filing extension.
C corporations that use a calendar year must file their income tax return, Form 1120, and pay their tax bill by March 15. C corporations must also file Form 2553 to elect S corporation status by March 15. S corporations must file Form 1120S and prepare and send Schedule K-1 to each shareholder by March 15. Each shareholder then pays her proportionate share of her tax bill when she files her personal tax return. C corporations and S corporations can file Form 7004 by the due date and receive an automatic filing extension of up to six months.
Fiscal Years that are Not Calendar Years
Corporations and LLCs that elect tax treatment as a corporation can opt not to use the calendar year as the fiscal year. Corporations whose fiscal year ends March 31 must file by June 15; fiscal year ending June 30, by September 15; fiscal year ending September 30, by December 15. Corporations must pay any tax due by the fiscal year end filing date. C corporations using a non-calendar year must elect S corporation treatment no later than two months and 15 days after the beginning of the tax year the election is to take effect.
Any business requesting a filing extension must pay any taxes due by the initial filing date. Failure to pay taxes could result in the assessment of failure-to-pay penalties on the amount due. Failure to file without formally requesting an extension could also result in the addition of failure-to-file penalties on the amount due.