Important Tax Information For Businesses
Businesses please take note:
If the end of your tax year was in December then the time to file your 1120 or 1120S Form is only a month away so don’t delay!
Corporations are required to file a Form 1120, calendar year 2007 income-tax return by March 17th, 2008 and pay any tax due. It is possible to file an automatic extension with Form 7004 however you will still be responsible to make an estimated tax payment.
S Corporations are required to file a Form 1120S also by March 17th, 2008 and pay any tax due. If you elect to file an automatic extension with Form 7004 you must also pay any tax due. ** You also need to send each shareholder a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.
Please take note of the following:
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Every corporation, except those exempt, must file even when there is no loss or income to report.
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Form 7004 extends the deadline by 6 months.
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There are always exceptions, for instance if your company was dissolved you would generally need to file your form on the 15th day of the 3rd month after the company was dissolved. Another exception would be those filing a short-period return.
For any clarifications or questions on becoming an S Corporation just give us a call. We are here to make sure you stay on the best course for your business.