1120S Filing Deadline

[Hoosier]

With March 15 falling on a Saturday this year, it is my understanding that the filing deadline for S-Corps is Monday, March 17. Thus, a paper-filed 1120S with a March 17 postmark will be considered a timely filing.

Just want to be sure that I understand this correctly. Looking for someone to verify.

Thanks and my apologies if this topic has been recently discussed.

[Bees Knees]

You are correct. The deadline is next Monday.

It should also be noted that for the first time ever, late filed S corp returns are subject to a penalty of $85 per month times the number of shareholders, up to 12 months. I suggest we call all of our S corp clients for extensions, even if we do not think they are coming back to us this year. They don't know that this year they need to be serious about filing on time.

[JohnH]

I agree

I even filed extensions for the S-corp returns that I'm filing on time, just as a precaution. I'm not willing to take any chances with a $1,020 penalty per shareholder.

I'm also advising some who have been nursing along inactive S-corps to make this return "Final" unless there's a very strong reason to keep the corp active.

[S T]

Clock is Tickin

Has everyone filed their S Corp Extensions, whether you need to or not?

Mine are in the mail on 3/13/08.

Sandy

[veritas]

Mine are filed

electronically.

That way I don't get letters saying the tax return was late because the IRS threw the paper extensions in the garbage or argue with me about not making a timely filing.

[ChEAr$]

Just be aware

that even though if Monday is a federal holiday there is another one day extension.

HOWEVER.....! Monday is St Patrick's day and it is still NOT a federal holiday.
So the mail will run.