You want to know how I knew for sure today was March 15? No, I didn’t check my calendar. I checked my e-mail, and there they were: e-mails asking when corporate tax returns are due. Now, I occasionally get e-mails about due dates all throughout tax season, but for some reason, on March 15, I get more e-mails than I do any other day.
Apparently people are confused. And I think most of the confusion has to do with the fact that individual tax returns aren’t actually due until April 15 (this year they are due April 18). Because of this, quite a few people, especially those that haven’t filed a corporate tax return before, assume that the corporate tax return due date is also April 15.
Corporate tax returns are in fact due March 15. (that’s today!)
So if you haven’t filed your corporate tax return as yet, either finalize the filing or do yourself a favor and file an extension using Form 7004, please.
While we’re on the subject of extensions, plthis would be a good time to point out that an extension is only an extension of time to file, not an extension of time to pay. So, if your return is on extension, and you end up with a balance due when you file the actual return, you may not be assessed a failure-to-file penalty, but you will get hit with the failure-to-pay penalty, which is currently .5%. Oh, and let’s not forget about interest.
So, what are you waiting for? Go file that return—or extension!