March 15th: Corporate Tax Deadline

The deadline to file your calendar year 2015 corporate tax returns (forms 1120 and 1120S) is Tuesday, March 15th, 2016.  With only 2 weeks remaining before the deadline, it is important to contact your CPA right away to discuss your filing options.  If you require more time to file your corporate return, you can request a 6-month extension by filing Form 7004 before the March 15th deadline. Penalties for failing to file or extend your corporate tax returns can be up to 25% of the unpaid tax for an 1120 and $195 per shareholder per month for an 1120S.

The March 15th corporate deadline also applies to businesses that would like to file an election to be taxed as an S-Corporation on Form 2553.  AA Tax CPA can help you determine if this option is best for your business, and can file the election for you if doing so is in your best interest.