Tax Return Due Dates for 2019 Small Business Taxes
July 15 Deadline for 2019 Taxes Has Passed
While returns, payments, and forms for the 2019 tax year are due in 2020 and tax dates can shift by a day or two from year to year, and 2020 is no exception. In fact, dates have been changed significantly for tax returns, extensions, estimated tax payments, and business taxes due for the 2019 tax year.
July 15 Due Date for 2019 Taxes Has Passed
The IRS extended the tax return and payment deadline for 2019 taxes from April 15 to July 15, 2020, in response to the coronavirus emergency. That deadline and the deadline for filing extension applications have both passed. If you filed an extension application for 2019 taxes, it's due October 15, 2020. See this article on Filing Extension Applications for more information on business tax return extension due dates.
Deadlines for making estimated payments for the first two quarters of 2020 have also passed. The third-quarter estimate is due on September 15, and the fourth-quarter estimate is due January 15, 2021.
The extended deadline applies to individuals, trusts, estates, corporations, other non-corporate tax filers, and Americans who live and work abroad.
An Explanation of Business Tax Returns
Different types of business entities file tax returns differently.
A sole proprietorship business is an extension of the individual taxpayer who owns and runs it. Its year-end is December 31, and the tax return due date is the same as the individual's—normally April 15. Sole proprietors file Schedule C with their personal tax returns to arrive at their net taxable business incomes.
The due date for the 2019 Schedule C is normally April 15 because Schedule C is filed with the owner's individual Form 1040.
As the name suggests, a single-member LLC is an LLC with only one owner. It's taxed like a sole proprietorship, using Schedule C to calculate net income. The tax returns are normally due and taxes are payable on April 15 for the prior year. The due date for Schedule C forms along with the owner's personal tax return is normally April 15.
A partnership's return is an information return on Form 1065. Any tax owed is reported on the individual partner tax return. Form 1065 is due on the 15th day of the 3rd month after the end of the partnership's tax year, so the partnership return due date is normally March 15 for a December 31 year-end.
March 15 is also the due date for individual partners to receive Schedules K-1 showing their shares of the partnership's income or loss. This must be filed in April on their personal tax returns.
Multiple-Member Limited Liability Companies (LLCs)
Multiple-member LLCs are formed according to state-level statutes. They can elect to be taxed as corporations, S corporations, or partnerships, but they're often taxed as partnerships. The partnership filing and payment regulations apply in this case, including the March 15 deadline for giving partners their Schedule K-1.
S corporations must file an information report on Form 1120S and provide Schedules K-1 to their shareholders by March 15.
Corporations can choose any convenient date as their year-end, but it's usually a quarter-end date. Corporate tax returns are due and taxes are payable on the 15th day of the fourth month after the end of the company's fiscal or financial year. For example, a corporation with a year-end date of December 31 must file and pay taxes by April 15.
Business Tax Return Due Dates
These tax due dates for the 2019 returns don't apply in the 2020 filing season, but keep them in mind for future years:
- Sole proprietorship and single-member LLC tax returns on Schedule C with the owner's personal tax return: April 15
- Partnership tax returns on Form 1065 with Schedule K-1 for each partner: March 16
- Multiple-member LLC returns filing partnership returns on Form 1065 with Schedule K-1 to each member: March 15
- S corporation returns on Form 1120 S with Schedule K-1 for each member: March 15
- All other corporations with fiscal years ending other than December 31: the 15th day of the 4th month after the end of the fiscal year
The IRS has not yet announced how the extended 2020 due dates will affect corporations that have a due date other than April 15. Keep an eye on the situation as the pandemic evolves.
When Due Dates Fall on a Holiday
The date is moved to the next business day when the tax return due date falls on a weekend or holiday. For example:
- The due date is Monday, April 16 if April 15 falls on a Sunday.
- The due date is Monday, April 17 if April 15 falls on a Saturday.
- The due date is Tuesday, April 16 if Monday, April 15 is a legal holiday.
Extension Deadlines for Business Tax Returns
Extensions have two deadlines. The first is for filing the application for the extension, followed by the deadline for filing the tax return at the end of the extension period.
The IRS will grant only one filing extension per return per year.
Use Form 4868 if you're the owner of a pass-through business and you report its income and deductions on your personal tax return. This is the extension application for a personal tax return, which would include your business income. You would normally file the extension request by April 15, but you have until July 15 to file this form in 2020 as well.
Pass-through businesses include sole proprietorships and single-member LLCs filing Schedule C, partners filing Schedule K-1, and S corporation shareholders filing Schedule K-1. These taxpayers report the business's income and deductions on their personal 1040 tax returns.
The extended due date for tax returns and Schedules C for sole proprietors and single-member LLCs is October 15.
Other Business Tax Returns
Use Form 7004 to file an extension application for a business tax return, including partnerships, S corporations, or corporations. The due date of the application is the 15th day of the third month after the close of the business's tax year. The IRS will grant the extension automatically if:
- You complete the form properly and file it by the original due date.
- Make a proper estimation of tax due, and
- Pay any tax that is due.
An extension of time to file a tax return is not an extension of time to pay. You should pay income taxes by the original due date or the IRS will add on interest and penalties.
The extended deadline for S corporations, partnerships, and multiple-member LLCs filing is September 15, but other corporations have until October 15.
Corporation and S corporation extension deadline is September 16.
Estimated Tax Due Dates
The IRS wants to be paid at the time income is earned, not at the end of the tax year, so businesses and self-employed taxpayers must make quarterly estimated tax payments during the year. There are four due dates for estimated taxes that you might have to pay during the year:
- April 15 for income received for the period January 1 through March 31, (extended to July 15 in 2020).
- June 15 for income received for the period April 1 through May 31.
- September 15 for income received for the period June 1 through August 31.
- January 15 of the following tax year for income received for the period September 1 through December 31.
You can make your payments the next business day if any of these dates fall on a Saturday, Sunday, or legal holiday.
Both the April 15 and June 15 estimated payment deadlines were moved to July 15 for 2020.
IRS. "Filing and Payment Deadline Extended to July 15, 2020 - Updated Statement." Accessed May 21, 2020.
IRS. "Pay As You Go, So You Won't Owe: A Guide to Withholding, Estimated Taxes, and Ways to Avoid the Estimated Tax Penalty." Accessed July 28, 2020.
IRS. "Instructions for Schedule C Profit or Loss From Business." Accessed May 20, 2020.
IRS. "Instructions for Schedule C Profit or Loss From Business." Page 3. Accessed May 20, 2020.
IRS. "Instructions for Form 1065 U.S. Return of Partnership Income." Accessed May 20, 2020.
IRS. "Publication 541Partnerships." Page 2. Accessed May 20, 2020.
IRS. "Schedule K-1 (Form 1120-S)." Accessed May 21, 2020.
IRS. "Form 1120 U.S. Corporation Income Tax Return." Accessed May 21, 2020.
IRS. "Instructions for Form 1065." Page 4. Accessed May 20, 2020.
IRS. "Instructions for Form 1120-S." When to File. Page 3. Accessed May 21, 2020.
IRS. "Instructions for Form 1120 U.S. Corporation Income Tax Return." When to File. Page 3. Accessed May 21, 2020.
IRS. "Instructions for Form 7004." When to File. Page 1. Accessed May 21, 2020.
IRS. "Publication 505 Withholding and Estimated Tax." When to Pay. Page 25. Accessed May 21, 2020.