I do very few s corps and the due date if fast approaching. Is there any reason I can't file an extension? Does it work the same as individual extensions? Can I efile it? Can anybody give me a short course in s corp extensions?
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Form 7004
Form 7004, and it can be efiled. 1120S is form code 25. No payment due. Automatic 6 month extension. Almost all SCorps are calendar year filers. It's as easy as it looks.
Here's a link:
State requirements vary. -
Thanks, scorp is in Montana, do you know the requirements for that? OR does a Federal take care of it?Comment
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JenMo
If MT piggybacks on the Feds individual ext, meaning no need to file a MT ext if you filed the Fed ext, there is a pretty good chance MT will also piggback on the Fed for S-Corp ext but by all means check with your MT officials.Comment
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If there is a state required extension you will probably be required to pay an annual franchise tax with the extension. Otherwise the extension may not be valid.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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Given the new penalties for late S-corps, it's a good idea to file an extension on all of them, even including the ones that are prepared before Mar 15. The extension does no harm, and that gives you 6 months to discover the problem if something went wrong (failed eletonirc transmission, client fogot to send in a paper form, USPS lost it, electronic SNAFU, etc). The extension sure is cheaper than trying to get an $85 per month per shareholder penalty abated."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Extend Shareholders Too!
Just a heads up, the shareholders are probably waiting for their K-1 to file personally, if they will be late on personal you may want to reccomend filing that to them also. I had a partnership with an extension filed for the partnership, but nothing was filed for personal until September, all the partners were penalized!Comment
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SuperMom - an abatement of that penalty is relatively easy to get. Do you want more info? I'll dig it up for you.Comment
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From Montana:
How do I obtain an extension of time to file my corporate tax return?
Your corporation is given an automatic extension of time of six months beyond the original due date to file the return. You are not required to file any form to get this six-month extension. However, please note that interest does accrue from the original due date of the return up until the date the tax is paid. If you wish to avoid any the accrual of interest, you can submit a tentative payment on or before the original due date of the return.
The tentative payment must be submitted with the form CT (Estimated Tax Coupon). A coupon is included in the Montana Corporation License Tax return booklet or one may be requested from the department. Please include on the coupon the following: a notation that the payment is attributable to Montana Corporation License Tax, the Federal Employers Identification Number (FEIN) and the tax year for which the payment is to be applied.Comment
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