1120S Extensions

S corporations file their federal income tax returns at the same time as individuals and other businesses with different tax classifications. An S corporation files Form 1120-S to report the income earned during the tax year and calculate the tax owed. 

The 1120-S has the same deadline as the individual taxes. The 1120-S must be filed by April 15 in normal terms, but for the 2024 tax season, the deadline has been extended to May 17. An S corporation can request an extension to get more time to file the 1120-S, the same as individuals. While an extension to file Form 1120-S would give six more months to file the return, it’s only five months for the 2023 taxes. The reason for this is the already extended tax filing deadline. 

To request an extension from the Internal Revenue Service to file Form 1120S, fill out and mail Form 7004. The 7004 is the extension form for S corporations. File Form 7004 2024.

Pay S corporation taxes by the deadline

The extension only applies to filing Form 1120-S. Any unpaid tax must be paid by May 17. The extension doesn’t have anything to do with paying taxes as it only grants additional time to file the original return.

There are several ways you can pay S corporation taxes, one of which can also help with filing an extension. Pay taxes using Direct Pay with your bank account and file an extension while doing so. Select your reason for payment as extension and this all it takes to file an extension and pay unpaid tax at the same time. 

It’s important to estimate taxes and pay slightly above what you’ve estimated just to be sure as you would have to pay late-payment penalties if you still owe the Internal Revenue Service. 

Original Deadline

The original deadline for filing Form 1120S is March 15th of each year. For 2024, the deadline falls on [date].

Extension Deadline

Businesses can request an extension, which typically grants them an additional six months to file. The extended deadline for Form 1120S for 2024 is 2023.

Filing Form 7004

To obtain an extension, businesses must file Form 7004, “Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.” This form should be submitted by the original deadline of March 15th.

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