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Are You Ready for the September 15th 2023 Tax Deadline?

August 21, 2023

Business entities may have a filing deadline coming up! If you requested an extension for forms 1120S, or 1065 you will need to submit by September 15, 2023. Learn more.

Attention S corporations and partnerships...there’s a tax filing deadline coming up! You may need to submit Forms 1120S and 1065 by September 15, 2023.

What exactly is due?

If you requested an extension for the following forms, they are due by September 15.

1120S (S Corporation returns, due March 15, 2023)- This tax return, which includes Schedule K-1, is used to report the income, losses and dividends of S corporation shareholders. Schedule K-1 is prepared for each individual shareholder and allocations are based on the percentage of company shares owned by each shareholder during the tax year. Extended calendar year-end returns are due September 15, 2023.

1065 (partnership returns, due March 15, 2023)- This is an information return which partnerships use to report their income, gains, losses, deductions, credits, etc. A partnership does not pay tax on its income but “passes through” any profits or losses to its partners. Partners must include partnership items on their tax or information returns. Extended calendar-year returns are due September 15, 2023.

What about C corps?

1120 (C-corporation income tax returns, due April 18, 2023)- Corporate taxes are reported using Form 1120 for U.S. corporations. The deadline for C-corp returns is generally the 15th day of the fourth month following the end of the corp’s fiscal year. For calendar year taxpayers who chose to file for an extension on April 18, your extended due date is October 17 (since October 15 falls on a Sunday in 2023). Note that for C corps with a fiscal year ending on June 30, the first deadline remains September 15 (which is the 15th day of the third month following the end of the fiscal year).

Is anything else do on September 15th?

Yes! Third quarter estimated tax payments (IRS Form 1040ES) are due for individuals and trusts that report on a calendar year end. This impacts self-employed taxpayers.

In addition, C corps that report on a fiscal year ending in March, June, September or December may have a quarterly estimated payment due as well.

Don’t forget to submit your forms—there are penalties and charges for late filings.

Contact our Tax Services Team for more information.

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