When are corporate taxes due in 2021?
In India in 2021, we highlight major tax deadlines, such as tax reporting deadlines, audit compliance deadlines, and relevant dates for tax and financial requirements. Salaried taxpayers, corporations, and senior persons are all affected.
Many deadlines have been extended (since last year) by the government owing to the epidemic; it is critical to keep track of the most recent dates to avoid incompliance and penalties. Corporate taxes due
For 2020 returns, the deadlines are in the calendar year 2021.
When is the next “tax day”?
The big “tax day” is usually April 15, 2021, which is the deadline for filing your taxes! The deadline for individual tax filers in 2021 has been pushed up to May 17, 2021.
The IRS has also declared that victims of winter storms will have until June 15, 2021, to file and pay company returns that were previously due on March 15th and April 15th. The IRS website has a lot more information. Texas, Oklahoma, and Louisiana are included in this extension.
Annual return deadlines are nearly often in the spring, with extensions possible until the fall:
Individual income tax returns: Although April 15 occurs on a weekday in 2021 and is not a holiday this year, the time to file your 2020 personal tax return has been extended to May 17, 2021.
Estimated tax payments (IRS Form 1040) for the 2020 tax year:
These were due on July 15 and September 15 in 2020. The IRS postponed two extra payments for the first and second quarters, which were due on April 15 and June 15, respectively, due to the coronavirus pandemic. On Jan. 15, 2021, the fourth and final projected payment for the 2020 tax year was due.
Returns on partnerships (IRS Form 1065):
The deadline for these is usually March 15th. The deadline has been extended to September 15, 2021.
C-corporation income tax returns (IRS Form 1120) are due April 15, 2021, for calendar-year-operating C-corporations. The deadline has been extended to Oct. 15, 2021. If the corporation runs on a fiscal year rather than a calendar year, the deadline for C corp. returns is the 15th day of the fourth month following the conclusion of the fiscal year. For corporations with a fiscal tax year ending in June, the deadline is the 15th day of the third month following the end of the tax year.
Returns for S-corporations (IRS Form 1120-S):
For corporations that operate on a calendar year, these returns are due March 15, 2021. The deadline has been extended to September 15, 2021. If they’re on a fiscal year rather than a calendar year, the deadline for S-corp. and partnership returns is the 15th day of the third month following the end of the fiscal year.
Foreign partnership returns are due on March 15, 2021, the same date as other partnership returns.
The deadline for filing trust, estate, and gift tax forms is April 15, 2021.
The deadline for nonresident alien returns is April 15, 2021.
Organizations with a tax year ending on December 31 must file their exempt organization filings by May 17, 2021.
October 15, 2021
If you are a C corporation that filed for an extension, your income tax return is now due.
Forms:
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Form 1120, U.S. Corporation Income Tax Return
What Happens If You Can’t Make It to a Date?
If you don’t submit a return and any payments due by the deadline, you’ll almost certainly face a financial penalty, even if it’s just an extra interest charge. As of 2020, the late filing penalty for a 1040 return is 5% of the tax payable per month, up to a total of 25%, with extra fines piling up beyond 60 days.
How to Electronically File
If you haven’t already done so, you might want to e-file your late return. Many taxpayers can e-file via IRS Free File, but only if their adjusted gross income (AGI) in 2020 was less than $72,000. Other rules may apply, which are enforced by the individual software suppliers who are members of the Free File Alliance.
What Happens If You Don’t Have Enough Money to Pay Your Taxes?
If you can’t pay the tax you owe fully at once, file your return anyway and apply for a payment plan right once. The IRS will usually allow you to pay overtime if you make prior arrangements.
If you owe money to the IRS and don’t want to risk the extra time involved in mailing a check, go to IRS Direct Pay and have the amount deducted immediately from your bank account.
