Tax Return Due Dates for 2019 Small Business Taxes
All Income Tax Returns Now Due July 15, 2020
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.
All 2020 Due Dates Are Extended
The IRS has extended the tax return and payment deadline from April 15 to July 15, 2020, in response to the coronavirus emergency. All taxpayers with returns due on or after April 1, 2020, and before July 15, 2020, have until July 15, 2020, to file and pay their taxes for the 2019 tax year.
You can apply for an extension if you can't file by July 15, but you must still estimate your tax due and pay by July 15 to avoid penalties.
The extended deadline applies to individuals, trusts, estates, corporations, other non-corporate tax filers, and Americans who live and work abroad.
This revised deadline also covers quarterly estimated tax payments that would ordinarily be due by April 15 for the first quarter and by June 15 for the second quarter. Both of these estimated tax payments are now due July 15.
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.
Corporations and S corporations 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 have been moved to July 15 for 2020.
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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.
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