• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Submissions
  • About Us
  • Contact Us
  • Aug 13, 2022
  • Startup
    • Creating a Plan
    • Funding a Startup
    • Franchise Center
    • Getting Your Office Ready
    • Making Your Business Official
    • Marketing Your New Business
    • Personal Readiness
  • Run & Grow
    • Customer Service
    • Human Resources
    • Innovation
    • Legal
    • Operations
    • Risk Management
  • Leadership
    • Best Practices
    • Communication
    • Green Initiatives
    • Open Culture
    • Strategic Planning
    • People Skills
  • Sales & Marketing
    • Advertising and Lead Generation
    • Marketing Innovations
    • Marketing Plans
    • Online Marketing
    • Relationships
    • Sales Activities
  • Finance
    • Budgeting and Personal Finance
    • Payments and Collections
    • Tax and Accounting
    • Pricing Strategy
    • Working with Investors
    • Working with Lenders
  • Tech
    • eCommerce
    • Hardware
    • Software
    • Security
    • Tech Reviews
    • Telecom
  • Shop

SmallBizClub

Helping You Succeed

Home / Finance / Tax and Accounting / New IRS Filing Deadlines for Partnerships and C Corporations in 2017
New IRS Filing Deadlines for Partnerships and C Corporations in 2017

New IRS Filing Deadlines for Partnerships and C Corporations in 2017

1102 Views

Feb 17, 2017 By 1800Accountant

The tax-filing deadlines for small business owners have traditionally remained the same for many years. More specifically, March 15 has been a longstanding date on the calendar for entrepreneurs who operate formal business entities across all fields.

However, if you haven’t heard, the IRS has changed a few key due dates for certain business income tax returns for 2017 and into the future. Below is an overview of the filing date changes you should know about to ensure you get your return in on time.

Wednesday, March 15, 2017

General business partnership returns – Form 1065 – are now due by this date. In the past, these IRS tax forms did not have to be filed until April 15 or the next non-holiday business day. This means that partnership owners must submit these returns one month earlier, so it’s critical to prepare sooner for this new deadline. Keep in mind that Form 1065 is considered an information return. Therefore, partnership income must also be reported on the personal tax returns – Form 1040 – of the partners involved in the business.

In addition, S corporation tax returns – Form 1120S – are due by this deadline. This due date remains unchanged from previous tax years. Form 1120S is also an information return, so again, the business income must be reported on the personal returns of each shareholder in the S corp as well.

Tuesday, April 18, 2017

Because Emancipation Day is observed on April 17th in Washington, D.C. in 2017, Tax Day has been pushed to April 18th. This gives taxpayers a few extra days to prepare for the important deadline.

A big change in 2017 is that C corporation tax returns – Form 1120 – are now due by this date. In the past, Form 1120 was due on March 15. This means owners of C corps now enjoy a full additional month to gather up their relevant business financial statements, receipts, and other documents to properly file Form 1120.

It’s also worth noting that April 18 is the deadline to submit Form 1040, the traditional personal income tax return. It is an estimated tax-filing deadline for the first quarter of 2017 as well for small business owners and others who earn 1099 income. Estimated tax payments are made using Form 1040-ES.

Of course, if you need a 6-month extension of time to file your personal income tax return, you must request this extension by this date. Never rush to file your tax returns because you could misreport certain information or fail to take advantage of key tax breaks. That’s why obtaining an extension may be necessary to avoid mistakes, late-filing penalties, or even a tax audit.

Filed Under: Tax and Accounting Tagged With: C Corporation, IRS, Partnerships, Taxes

Source: 1800 Accountant

1800Accountant

1800Accountant

1800Accountant is a national accounting firm that assists small and new businesses in all 50 states, Canada, Australia and the UK. Our mission is to provide small businesses with affordable accounting and tax preparation services. Our experienced team of over 100 in house tax professionals is ready to start working for your business today. Call for a free consultation.

Related Posts

  • Congress Hears From Small Businesses About Problems Caused By Wayfair
  • IRS Offering Jobs To Thousands Of Workers This Summer
  • Understanding How Donations & Charitable Giving Reduce Business Taxes

Primary Sidebar

bottom line ad

Random

Why and How to Align Your Team Through Brand Values

Aug 11, 2022 By Luke Britton

Why Businesses Should Treat Employee Burnout as a Risk Management Issue

Aug 11, 2022 By Andrew Deen

From Beat Cop to Entrepreneur: A Unique Startup Story

Aug 10, 2022 By SmallBizClub

a-startup-goldmine--combining-healthcare-and-technology

‍9 Tips for Making Your Healthcare Business More Successful

Aug 9, 2022 By Charlotte Sylvester

employment-practices-liability

‍5 Business Liabilities That Can Cause You A Ton Of Trouble

Aug 9, 2022 By Jeremy Bowler

Footer

About Us

Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Copyright © 2022 by Tarkenton Institute, Inc. All Rights Reserved | Terms | Privacy