December 2021
Beginner
624 pages
21h 39m
English
Content preview from J.K. Lasser's Small Business Taxes 2022
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CHAPTER 31Filing Tax Returns, Paying Taxes, and Making Refund Claims
It's one of the facts of a business owner's life to file returns and pay taxes. The filing deadlines and tax payment rules for businesses and their owners may be different from those for individuals. Making sure you comply with filing and payment requirements is essential for avoiding unnecessary penalties and interest.
For more information about the electronic federal tax payment system, see IRS Publication 966, Electronic Federal Tax Payment System.
Income Tax Deadlines and Extensions
The date by which your business return must be filed depends on your type of entity and tax year. The information in Table 31.1 applies for 2021 returns to businesses reporting on a calendar-year basis. Do not anticipate automatic extensions like the ones provided by the IRS during the pandemic in 2021.
Partnerships, limited liability companies, and S corporations must also furnish owners with a Schedule K-1 by the due date.
For corporations on a fiscal year ending other than June 30, the due date is 3½ months after the close of their fiscal year. For example, a C corporation on a fiscal year ending on July 31 has a filing deadline of November 15. For C corporations with a fiscal year ending June 30, the filing due date is September 15.
For all other entities ...
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