S corporation tax returns are generally due three and a half months after the close of the company's tax year. The IRS will grant a six month extension of time to file if a proper request is made timely. Profits and losses from the business flow through to shareholders individually -- K-1 information statements report each owner's share of business income and are due on the same date of the S corporation income tax return.
Calendar Year vs. Fiscal Year
S corporation tax returns are due to the IRS on the 15th day of the third month following the tax year. Most S corporations use a calendar year reporting period, which ends on December 31. Some S corporations adopt a fiscal year accounting period. The fiscal year still runs for 12 months but differs from the traditional January through December calendar year. For example, a fiscal filer may elect to report from May through the end of April the following year. S corporations must make an election to have a fiscal year reporting period, and all shareholders must agree to the election. Because each shareholder is required to report his share of S corporation profits or losses on his individual income tax return, most S corporations maintain a calendar year accounting period.
You can request an automatic six-month extension to file your S corporation tax return by filing IRS Form 7004 and postmark no later than the original due date of the tax return; if you file for an extension past the regular due date, you won't be granted the additional time. Mail your form to the address associated with the state your S corporation transacts business in.
The K-1 form is an information form that you must provide to each shareholder who owns any part of your S corporation. The K-1 reports the individual's share of S corporation profit or loss -- the amounts are allocated based on the percentage of stock the shareholder owns. You must provide K-1 forms to shareholders on or before the due date your S corporation tax return is due. Additionally, a copy of each K-1 form is attached to your IRS S corporation tax return.
Since S corporation profits and losses pass through to shareholders individually, states generally require that your state S corporation income tax return is submitted according to regular calendar year due dates. The regular due date for calendar year filers is April 15; however, be sure to contact your Department of Revenue to verify the due date of your state S corporation tax return, as all state taxation rules are created and enforced independently.
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