1120 due dates

[ILLMAS]

I was just told 1120 new due date isn't effective until 2025, is this correct?  I thought it was effective this year and extension allowed to be filed until 10-15-17.

[Lee B]

This is a copy of a AICPA chart footnote:

 

"Law provided for a Sept. 15 due date. But, according to the new Form 7004 instructions and IRS website,

the IRS has used its authority to permit an automatic six-month extension to Oct. 15."

 

Yeah, this is confusing, supposedly the IRS announced this change in February.

I was planning based on an OSCPA Tax Update Class that I took in January, so I now have

an extra 30 days to finish my one C Corporation return that is still on extension.   

 

[Lee B]

This is a copy of the official IRS news release explaining the change dated February 8, 2017:

"A new revision of the Instructions for Form 7004, updated in the last few days and available at IRS.gov/LatestForms, correctly reflects that calendar year C corporations are eligible for an automatic 6-month extension.

Although Internal Revenue Code section 6081(b) provides a 5-month automatic extension period for calendar year C Corporations, the IRS is granting a 6-month automatic extension under section 6081(a) instead. This change is reflected in the new revision of the Instructions for Form 7004.

We have posted this article because the IRS wants to reassure the tax professional community that the information is correct in the Form 7004 instructions regarding the automatic 6-month extension and explain that the reason it's correct is section 6081(a). Information regarding Form 7004 and its instructions is always available at IRS.gov/form7004."

[JohnH]

I am really glad to see this thread. I had been struggling with a couple of knotty problems on some remaining corp returns. Had completely forgotten about the new due dates for C corps.  So I just now revised my work schedule for the upcoming week, knowing that I need to wrap up two S-corps by Thursday/Friday and I can postpone a couple of C-corps until after I take a break.  Thanks for this timely post.

[TAXMAN]

I believe the 1120-s is still due on 9-15-2017. Anyone know if an additional 30 days may be requested?

[JohnH]

My understanding is that the 1120S extended due date is still 9/15/17.  I'm not aware of any further extension, other than people affected by the recent natural disasters. 

[ILLMAS]

I have a new tablet I'm using and I don't know how to cut and paste yet, but look at 2016 1120 instructions page 3, when to file and form 7004 instructions automatic 6-month extension.

[rfassett]

The extended due date for calendar year S-Corps is September 15th.  There is no additional time available beyond that - unless the IRS would grant additional time for things like Harvey and Irma in the affected areas.

[Abby Normal]

16 hours ago, JohnH said:

My understanding is that the 1120S extended due date is still 9/15/17.  I'm not aware of any further extension, other than people affected by the recent natural disasters. 

The 'other' extension is file as is and amend later.

[SaraEA]

Been there, done that. Never again.  I did this for a partnership last year because I wanted to avoid the $195 penalty per partner X 3 partners X 6 months= $3500+ fine. (If you miss the extension deadline, penalty applies back to original due date.)  A million emails and phone calls later, I finally got most of the data (not all) and amended.  By this time the guy had gotten threatening letters from IRS and state because he owed so much on the original, but with the amendments he still owed but not as much.  He's on extension again this year.  I've contacted him a few times, even talked with his dad who is also a client and used to be a partner, and still have NOTHING.  I will not care more than he does, and I will not spend hours writing up the line changes for the amendment.  Let him pay the fine.  A few years ago I had another partnership that filed a few weeks after the amended deadline.  I wrote the penalty waiver request, which I knew wouldn't be accepted because he had been late before, and it wasn't but at least it looked like I was trying to help.  He paid the huge penalty and the following year brought his books in a month early for the first time in his life!

[rfassett]

I never have and I never will file a return that I do not believe is reasonably accurate - since that is what I am attesting to when I sign the return. So the "other extension" is not an option in my office. I tell my clients that I will go out of my way to help them if they are willing to help themselves, but I will never cross the forbidden line for or with them.