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S-Corporation Tax Organizer

March 15 Filing Deadline

Most S corporation returns have a filing deadline of March 15.  Some short-year or fiscal year S corporation may have a different filing deadline. 

The penalty for late filing of a S corporation return is $205 per shareholder per month.  If you cannot file by the March 15 deadline, you can request a 5-month extension of time to file (generally until September 15) by filing IRS Form 7004. To be accepted, Form 7004 must be filed on or before the original due date of the return.

Record-Keeping Requirements

All businesses are required by law to maintain income and expense records.  Record-keeping requirements are described in IRS Pub 583 Starting a Business and Keeping Records.  Generally IRS requires you keep two kinds of records for all business expenses you incur or pay:

  1. Proof of the expense - such as a receipt or log, and
  2. Proof you paid the expense - such as a cancelled check, bank statement, or credit card statement.

If you have questions about recordkeeping requirements for your business, please ask our staff.

S Corporation Tax Organizer

S Corporations file Form 1120S, which is a detailed tax return used to report income and expenses of the S-Corporation business activities. We have designed our S-Corporation Organizer to assist you with organizing your information and preparing for your tax interview. Your S-Corporation might be eligible for various deductions and tax credits. Be sure to notify your tax preparer if any of the following applied to your business during the year:

  • You started or purchased a business
  • You purchased real estate for use in your business or made improvements to buildings or other property used in your business
  • Purchased a hybrid vehicle or other energy-efficiency device
  • Made disabled access improvements to your property
  • You purchased or sold assets such as computers, photocopiers, production equipment, or automobiles 


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