The calendar year corporation return due date is March 16, 2015 because the 15th falls on Sunday this year. The date applies to S and C corporations. Failing to meet the deadline results in penalties calculated as a percentage of the tax.
While S corporations do not generally pay income tax, Congress decided to charge $195 per schedule K-1 per month or partial month. So a ten owner S corporation that files one month and three days late owes $195 x 10 owners x two months or $3,900.
The corporation can get a federal extension by filing Form 7004 (downloads as a PDF) on or before March 16, 2015. The company should also file extensions with all applicable states. The NC corporate extension form is CD-419. Interestingly, the deadline for a calendar year NC corporate return is April 15, 2015 for 2014.
Make sure to send the extension certified or registered mail so you have proof of timely filing. You can also file electronically but be sure to keep proof. It is not IRS’ job to prove you did not file timely, it is your job to prove you did.
Please contact us if you need assistance.
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