If the S corporation is unable to file by the deadline, it can obtain an extension of time to file by filing IRS Form 7004. These Schedule K-1s report each shareholder’s share of the business’ taxable income so they can report it on their personal returns. The business is responsible for reporting all financial activity on Form 1120S and attaching a Schedule K-1 for each shareholder. S-corp income tax return deadlineĪn S corporation is required to file its annual tax return by the 15th day of the third month following the end of the tax year, generally March 15 unless this date falls on a weekend or holiday. The S corporation still has a responsibility to file an informational income tax return each year as well as a range of other IRS forms that relate to various other taxes it withholds from the wages it pays to employees. For information on the third coronavirus relief package, please visit our “ American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.Īn S corporation is a “pass-through” entity, meaning that profits and losses from the corporation are reported on the tax returns of individual shareholders who are also responsible for paying the tax on it.
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