Form 1120S Extension 2023 - 2024

If you run a business, you’ve likely heard about Form 1120. There are different types of forms, each of which has its own specific purpose. These forms generally report the income and expenses of domestic corporations, as well as their deductions and credits. During a tax year covered by an S corporation election, you must file a Form 1120S. 

The first page of Form 1120S must be completed and signed by the business owner or preparer. It contains the schedules, like Schedule B, which is a section for “other information” about the business. 

You don’t have to fill in all the sections, so it’s best to seek professional help. Make sure to consult a tax professional for assistance in completing the form.

Where do I file my Form 1120S extension?

If you missed the April 18 deadline, you must file a Form 7004 to extend your 1120S. Then you must pay the tax due by that date. If you have paid too much in taxes, you can request a refund using Form 1120S-WH. It is important to remember that the extension is only valid if you file your return by April 18, 2024.

The Income Tax Return for S Corporations is filed each year. You must include a license fee of 1% of your capital or paid-in-surplus, or $25 if you’re incorporated. You will also have to submit Form SC1120S K-1, which reports your share of the S Corporation’s income. If you’re in South Carolina, make sure you file form SC1120S.

What is the extended due date for the 1120S Form?

The IRS has extended the due date of Form 1120S by six months. If you are an individual, the deadline is the 15th day of the third month after the tax year ends. Corporations have to file their returns by that date. Alternatively, businesses can file on the next business day. However, there are a few exceptions to the rule.

If you own a corporation, you are required to file a Form 1120S by the due date. This form is also known as the “S” corporation and is due on the 15th of the third month after the tax year ends. For shareholders of an S corporation, a Schedule K-1 is required, which can be a substitute form for Form 1120S. S corporations must also pay their estimated tax payments on time. In most cases, they must pay their taxes by the 15th of the third month.