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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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This is the first time I had to do business taxes and I did

Customer Question

This is the first time I had to do business taxes and I did not know they are due different date than personal. What happens now. Can I still send them or etc? I have an s corp.
Business home is FL, but foreign and working in MA where we moved.
Submitted: 7 months ago.
Category: Tax
Expert:  Lev replied 7 months ago.
Unfortunately - that is correct -Form 1120S by the 15th day of the 3rd month after the end of its tax year. For calendar year corporations, the due date is March 15, 2016.You would need to file Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns, to ask for a 6-month extension of time to file.Generally, the corporation must file Form 7004 by the regular due date of the return. - that is March 15, 2016.So - you might want to file as soon as possible to minimize penalty.Late filing of return. A penalty may be charged if the return is filed after the due date (including extensions) or the return doesn't show all the information required, unless each failure is due to reasonable cause. For returns on which no tax is due, the penalty is $195 for each month or part of a month (up to 12 months) the return is late or doesn't include the required information, multiplied by the total number of persons who were shareholders in the corporation during any part of the corporation's tax year for which the return is due.Sorry fo ryour situation - but there i sno choice - but to file now.
Customer: replied 7 months ago.

Thanks. Do you think I can still file the extension or just file the taxes asap? Thanks

Expert:  Lev replied 7 months ago.
You still may file for personal extension - the deadline is Apr 18,but it is too late to request extension for S-corporation - the deadline passed on March, 15.