C Corporations' Tax Returns
If you operate your business as a corporation, the corporation
must file Form 1120, U.S. Corporation Income Tax Return on
an annual basis, to report income and deductions. For corporations
with a calendar tax year, the due date for the annual return is March
15.
The corporation may apply for an automatic six-month extension
to file its annual return by filing Form 7004, Application for
Automatic Extension of Time to File Certain Business Income Tax, Information,
and Other Returns, by March 15. The return would then be due
on September 15. If your corporation is filing for the six-month
extension, it must deposit (at an authorized financial institution
or a Federal Reserve Bank), whatever taxes it estimates it owes by
the March 15 due date. A corporation can use a Federal Tax Deposit
(FTD) Coupon (IRS Form 8109) or it can deposit the amount due electronically.
If a corporation doesn't make a payment of the tax owed by the due
date, it may be subject to interest and penalties
on overdue taxes.
If your corporation uses a fiscal year
rather than a calendar year, the annual corporate return must be filed
by the 15th day of the third month after the end of the corporation's
tax year. A fiscal year corporation is entitled to the same automatic
six-month extension to file its return to which a calendar year corporation
is entitled. The due date for the filing of the extension is the
original due date of the return the 15th day of the third month after
the end of the corporation's tax year. The actual corporate return
would then be due by the 15th day of the sixth month after the original
return due date.
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