March 16, 2009 Tax Deadlines
Corporations:All corporations including nonprofits need to file a 2008 calendar-year income tax return (Form 1120 and pay any tax due. If you cannot file by this deadline, you need to apply for an automatic six-month extension with Form 7004. Even if you file for an extension you must still make an estimated tax payment.
Note on Corporate Tax Forms: Although I continue to see references to filing “U.S. Corporation Short-Form Income Tax Return, Form 1120-A” the IRS made this form obsolete as of December 31, 2006 and it can no longer be filed. Beginning with the tax year 2007 all domestic corporations need to file Form 1120, U.S. Corporation Income Tax Return unless otherwise required by the IRS to file a special return.
S Corporations: File a 2008 calendar-year tax return (Form 1120S) and pay any taxes that are due. S Corporations must also send each shareholder a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1. S Corporations can use Form 7004 to apply for six-month extension but they must pay any tax due by March 16, 2009 to avoid penalties.
S Corporation Election: Beginning with the 2009 calendar year, if you want your business to be treated by the IRS as an S Corporation, you need to file Form 2553. If you file Form 2553 after March 16, 2009, the IRS will not treat your business as an S Corporation until January 2010.
Electing Large Partnerships: You need to provide each partner with a copy of Schedule K-1 (Form 1065-B). This due date is effective for March 15th following the close of the partnership's tax year and applies even if the partnership seeks an extension of time.
