Tax Day for Corporations and Partnerships

For those of you who have already filed, please delete this message and enjoy your afternoon.

If you have not yet filed your 2022 Corporate or Partnership taxes, here are some things you need to know about corporate tax deadlines:

  • 2022 Federal Corporate (Form 1120) and Partnership (Form 1065) tax returns are due on Wednesday, March 15th this year.
  • Please get your information into our offices RIGHT AWAY – we require a minimum of four weeks to prepare a business tax return prior to a deadline.
  • If you are not ready to file your return, they can be extended until Friday, September 15th. However, don’t forget – an extension of time to file is NOT an extension of time to pay.  If you think you will owe tax, you need to pay an estimate with the extension filed on March 15th.
  • Just a reminder – the penalties for late filing of business returns have been increasing over the past few years.
    • For example, if a partnership fails to file its return by the due date, including extensions, the penalty is $210 for each month (for a max of 12 months), multiplied by the total number of persons who were partners during the tax year. So, if a partnership does not file an extension, and files on August 15 and has 3 partners the penalty is $3,150 (5 months x $210/mo x 3 partners).
  • If you need to file and don’t extend, there are penalties. If you don’t extend and you don’t pay, the fines are even steeper. Please, give us a call and let us assist you.

If you need help, please let us know RIGHT AWAY and we will gladly file an extension for you and prepare your estimated payment vouchers (if needed). The IRS does not charge to file an extension and it is quick and easy – in fact, we can file an extension for you without your signature. Give us a call today to get help meeting corporate tax deadlines!