As soon as the Form 1099s went out the door and the county property tax listings were mailed it is time to focus on the corporate tax deadlines. First year S Corporation and C Corporation owners can be surprised when they no longer have until April 15th for business tax filing. Below are the corporate tax deadlines you should be aware of:
March 17th, 2014
o Form 1120S – U.S. Income Tax Return for an S Corporation
o Form 1120 – U.S. Corporation Income Tax Return
Interestingly enough, for tax years beginning on or after January 1, 2008 North Carolina corporate tax returns are not due until April 15th, 2014 and are listed below:
o Form CD-401S – North Carolina S Corporation Tax Return
o Form CD-405 – North Carolina C Corporation Tax Return
Be sure to check with each state that you have a filing requirement to see what their deadlines are. If you need more time to file, the following forms can be used:
o Form 7004 – Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns (6 month extension)
o Form CD-419 – Application for Extension for Franchise and Corporate Income Tax (6 month extension)
Keep in mind that extensions are only an extension of time to file, not to pay. Any amounts owed with the Federal or Corporate income tax returns will need to be estimated and paid by the original filing deadline to avoid interest and penalties accruing on the unpaid balance.
Regardless of whether extensions are filed or not, be sure to stay in compliance with the North Carolina Secretary of State by filing your annual reports timely. An extension to file income tax returns is also an extension to file your annual report, however we recommend completing the annual report since it is an informational form that businesses can file electronically on their own. To make sure your business is in compliance and to file an annual report search here:
Most importantly, if you have not already, now is the time to contact your CPA to start the corporate income tax preparation process. Even if you believe you are missing documents necessary to file, having those initial conversations and planning for the deadline will help avoid the rush around March 17th. Rushing to gather information close to the deadline only increases the possibility of missed tax planning opportunities and savings. We are here to help if you have any questions!