March 17 Business Filing Deadline – 5 Quick Reminders

The filing deadline for business returns is a week away!  This year, since March 15 falls on a Saturday, the filing deadline becomes the next business day, Monday, March 17.  Here are 5 quick reminders:

1. Corporations and S-Corporations on a calendar tax year must file and pay by March 17.  This “Business” deadline does not apply to LLCs, Partnerships or Sole Proprietorships, which are due April 15.

2. Returns are timely filed if they are post-marked by March 17 or e-filed by midnight on March 17.

3. When an e-filed business return is rejected, there is a 10-day perfection period for correcting the return and getting it accepted.  The perfection period applies regardless of the date filed, due date, or extended due date, and it is never extended regardless of weekends or holidays.

4. If the return is not ready to be filed, use Form 7004 to e-file (or mail) a request for automatic extension until September 15.  Extensions must be filed prior to midnight on March 17, and the e-file perfection period is 5 days.  The extension to file does not also extend the payment deadline.

5. Payment can be made electronically by electronic funds withdrawal (EFT) when you e-file either the return or the extension.  If the business doesn't want to use EFT, it can go to www.eftps.gov and use the Electronic Federal Tax Payment System to make payment.

As the deadline approaches, there may be e-file processing delays at IRS due to high volume.  We advise getting everything transmitted well before midnight on the 17^th.  Also, due dates, payment options and extension requirements vary from state to state.  In Drake Software, access the state FAQ screen from the state forms menu in Data Entry to learn more about each state’s due date, extension requirements and payment options.