Is an S-Corporation required to pay quarterly estimated tax?
Generally, the corporation must make estimated tax payments for the following
taxes if the total of these taxes is more than an amount specified by law:
- the tax on certain capital gains,
- the tax on built-in gains,
- the excess net passive income tax, and
- the investment credit recapture tax.
For more information regarding estimated tax, refer to Form 1120S Instructions, U.S. Income Tax Return for an S Corporation, under
topic Estimated Tax Payments, and Publication 542, Corporations,
under topicPaying and Filing Income Taxes.
What is the due date for business returns?
Some forms and entities have due dates other than the well-known April
15th due date. The instructions for the each type of form used will have the
appropriate due date(s) noted. In general, sole proprietor's schedule of income
and expenses is attached to the 1040. Therefore, the due date is the same
as the 1040.
A Corporation must generally use the calendar year, unless the entity can
establish a business purpose for having a different tax year. The due date
is usually March 15th.
A partnership generally must conform its tax year of the partners unless
the partnership can establish a business purpose for having a different tax
year. The tax year is the same as one or more partners that own (in total)
more than a 50-percent interest in partnership profits and capital. If there
is no majority interest tax year, the partnership must adopt the same tax
year as that of its principal capital holder. Where neither condition is met,
a partnership must use the calendar year. A limited Liability Company reporting
as a partnership has the same tax year as a majority of its partners.
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