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Denver Tax Preparation Deadlines Differ Depending on Corporation Type

February 28, 2018

Most tax paying individuals are familiar with the typical April 15 deadline for filing tax returns. Even with the recent extensions due to Emancipation Day and Tax Day falling on a weekend over the past few years, mid-April is the time when everyone most associates their returns and correlating financial responsibilities being due to the Internal Revenue Service (IRS), should they be required.

A less common factor, is the due date of corporate returns which has fluctuated in recent years. Those responsible for filing a corporate tax return have had to deal with an earlier filing date recently, but depending on your specific designation, the dates now differ.

According to the IRS, two different types of corporations and filing dates have been formed. While all corporations begin as a C-Corp, the more preferred status, especially when dealing with taxation methods, is to be an S-Corp which has specific characteristics from which small businesses can especially benefit.

The difference between a S-Corp and C-Corp revolves mainly around their taxation methods. C-Corp stockholders can be double-taxed based on year-end revenues whereas S-Corp individuals have their proceeds run through tax free and are then only required to pay taxes on their initial draw from the corporation.

Another specific difference lies in the business tax deadline filing due date for each. Instead of being due with individual returns in mid-April, one is faced with an earlier deadline. The original deadline for S-Corporations is March 15, 2018 for the 2017 tax year. If in need of an extension, one can be filed for which then pushes the due date back six months to a September 17, 2018 final deadline for S-Corporation filings.

Opposite, the C-Corporations maintain the same filing date with individual tax returns and are initially due on April 17, 2018 for the prior tax year. While each of these dates can vary, if the corporate fiscal calendar coincides with the regular yearly calendar then these guidelines apply.

An extension is also available for C-Corporations which can be filed to prior the initial deadline, lengthening the time to file until October 15, 2018 - both six month increases in filing times. These can be extremely beneficial for larger companies that have numerous reports to collect and analyze as they prepare returns and make year-end adjustments to facilitate their return.

Both varying corporation types have their distinct advantages but ensuring the required taxes are filed for each in a timely manner is of vital importance. Neither organization wishes to incur any potential penalties from the IRS should their taxes not be filed in a timely manner.

The experts at Bloch, Rothman, and Associates can help you determine which corporation would most benefit you during an initial set-up and assist with any filing procedures. In addition to providing expert tax advice and filing the required returns, we can also assist with a variety of payroll or any other bookkeeping options. These associates at Bloch-Rothman are happy to help you look at corporate specific data as each and every tax situation is unique, along with finding resolutions for your issues. Further, estate complications can also be tricky and our experts will ensure you receive the most profitable deductions on your return and that all required paperwork is handled appropriately. All services can and will also be completed in a timely manner. Whether you need an explanation for an acquired tax form, are in need of representation, or would like help with a variety of other services then our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.