Its hard to believe March is already upon us. Just as a reminder, below are a few deadlines to consider- Keep in mind March 15th falls on a Sunday in 2015 so firms have until Monday, March 16th to complete all items that typically would be required on the 15th.
March 16th -
Corporations . File a calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
S corporations . File a calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder\’s Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
S corporation election . File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with the current calendar year. If Form 2553 is filed late, S treatment will begin with the following calendar year.
Flex Plan Participants . Funds set aside during the 2014 calendar year must be used up by March 15th if the plan uses the IRS’s 2 1/2-month grace period. Any remaining funds are forfeited, unless the employer adopted the $500 carryover rule for 2014. For flexible spending plans that do not use either the grace period rule of the $500 carryover, the deadline for cleaning out 2014 accounts was December 31.
Stephen Osborne, CPA
Certified Public Accountant