Today's Tax Deadline

By Michael Banner - Mar 15, 2019          

March 15th is D-Day for many business entities. Why? It's the date of two crucial tax deadlines.

Many businesses are not even aware of what the potential significance of this date. And those who are, often get it confused with other deadlines.

Here are two you should be aware of if you own and operate a corporation or LLC.
 

IRS Deadlines

 

S Corporation Return Deadline

S-corporation returns (IRS Form 1120S) and partnership returns (IRS Form 1065) for2018 tax year are due today, assuming your tax year ended 12/31/2018.

But you don't have to rush to get something in. File an extension and you'll have until 09/15/19 to file your return.
 

Sub S Qualification

If your corporation or LLC* intends to operate (taxed by the IRS) as an S corporation for 2019, starting on 01/01/2019, your subchapter S election is due today.

But don't stress out. If your corporation or LLC* is brand new, you're safe as long as you get your election to the IRS within 75 from when the entity has begun conducting business, or acquired assets, or issued stock (or member units in the case of an LLC*).

* Note: LLC's that elect to be an S corporation (for tax purposes) must first file Form 8832 Entity Classification Election to be taxed as a corporation. Then it can request to be taxed as an S Corp.
  

STATE Deadlines

Most states utilize an April 15th due date for previous years earnings, but it differs with each state. Check with your state taxing body for your entity's due dates. We have many of these listed on our pages HERE.




About Michael Banner
  CEO & Founder of SmallBiZ.com, created over twenty years ago to help small business owners simplify the process of starting & managing their small businesses. SmallBiZ.com now serves over 10,000 businesses per year with various filing and subscription services; in addition to the 1000's of daily visitors to www.smallbiz.com, accessing free services, help pages, & educational videos & webinars.



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