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S-Corporation Tax Extension Filing Requirements

  • File IRS Form 7004 with the IRS to obtain an extension for the S-Corporation Tax
    Return 1120-S.
  • Once the Form 7004 is accepted by the IRS, the S-corporation is granted up to 6 additional months to file their 1120-S tax return
  • The IRS Recommends e-filing Form 7004 for more efficient processing and updates on the IRS status
    and approval

The Deadline to file an S-Corp Tax Extension is

March 15, 2024

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S-Corporation - An Overview

S-Corporations are a popular business structure that passes its corporate income, losses, deductions, and credits to the shareholders for federal tax purposes.

These shareholders will report the income and losses on their personal income tax returns and are taxed at their individual income tax rates. This prevents double taxation on the corporate income of S-Corporations. They are responsible for taxes on certain built-in gains and passive income at the entity level.

Even though the tax liability is passed to the shareholders, S-Corporations must file Form 1120-S with the IRS annually to report their financial information and activities.

Deadline to file an S-Corp Tax Return

Generally, the deadline to file Form 1120-S is on or before the 15th day of the third month following the end of the S-Corporation’s tax year.

For S-Corporations that follow a Calendar tax year, the deadline for filing Form 1120-S is on
March 15, 2024.

If your business doesn’t operate on a calendar year,
Find out your due date here.

Filing a Tax Extension for S-Corporation Tax
Return 1120-S

S-Corporations that need more time to prepare their tax returns can request an extension of time by using Form 7004.

S-Corporations that file Form 7004 on or before the original deadline will get up to
6 months of additional time from the IRS.

The extension is automatic, and the S-Corporations are not required to provide any reasons for requesting more time.

Note: Form 7004 only extends the deadline for filing the S-Corp tax returns, any pending tax payments must be made by the original deadline.

Penalties Associated with S-Corp Tax Return 1120-S

An IRS penalty may be imposed on S-Corporations that have not filed their 1120-S or didn’t get an extension by the deadline. The penalty amount depends on whether or not the S-Corporation owes taxes. Here are the penalty rates according
to the IRS.

  • If no tax is due: The penalty of $220/month for each month the return is late multiplied by the number of corporate shareholders will
    be imposed.
  • If tax is due: The penalty of 5% of the unpaid tax for each
    delayed month.

S-Corporations may also be subjected to penalties for not paying the tax due balance within the deadline (even if they have got an extension for filing 1120-S).

The penalty of 0.5% of the unpaid tax for each delayed month, with a maximum of 25% of the unpaid tax.

File your S-Corp Tax Extension with ExpressExtension

ExpressExtension, an IRS-authorized e-file provider, offers a complete solution for all types of businesses, including S-Corporations, to
e-file Form 7004.

With ExpressExtension, you can complete and e-file your 7004 extension form in minutes and receive instant IRS updates.

State Tax Extension for S-Corporations

In addition to filing a federal extension, some states require S-Corporations to file an extension with their agency as well.

With ExpressExtension, you can fill out and download tax extensions for certain states.

How do I E-file an S-Corp Tax Extension?

You can complete and e-file your Form 7004 in just 3 simple steps from
any device.

  • Choose Form 7004 and provide Your basic business information.
  • Select the form you are requesting an extension for (1120-S).
  • Enter the form details, complete the tax payment (EFW or EFTPS), and transmit the form to the IRS.

Our excellent, live support team is available to assist you during the filing process, reach out via email, phone, and live chat.

Avoid IRS late filing fees by e-filing your S-Corp extension now!

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