Depending on the type of tax return, these are the deadlines:
  • S-Corporation (Form 1120S): These are corporations ending in “INC” or “CORP” that have been approved by the IRS to file as Subchapter S.  These entities do not pay taxes on their own, they pass through the taxable income to the owners using a K-1 form, which the individuals would need have ready in order to prepare their own personal taxes.  NOTE: S-Corps are only for US Persons.   Non-US persons are more likely to own LLCs or C Corporations
    DUE 03/15/2018, can be extended until 09/15/2018

  • LLC/Partnerships (Form 1065): There are typically multi-member LLCs, ending with “LLC” and with 2 or more partners.  Not all LLC’s are partnerships! some LLC’s have been converted to C-Corporation or S-Corporation.  And the LLC’s NOT previously converted to C or S Corporation with only one member, have to file the LLC’s activities inside the single-member’s personal return.  These entities typically do not pay taxes on their own (although, they may need withhold taxes if they have foreign partners), they pass through the taxable income to the owners using a K-1 form, which the individuals would need have ready in order to to prepare their own personal taxes
    DUE 03/15/2018, can be extended until 09/15/2018

  • C-Corporations (Form 1120): These are corporations ending in “INC” or “CORP” that have NOT been converted to Subchapter S status.  These entities will pay taxes on their own and the owners will pay taxes as well if they receive compensation or dividends from it.  NOTE: filing an extension is only for the filing deadline, if taxes are owed, they must be paid on the due date (estimate if needed)
    DUE 04/15/2018, can be extended until 10/15/2018
    In Florida, you most also file a Florida Corporate Tax Return by 4/20/18 – Deadlines vary by state
  • Personal Returns US Persons (Form 1040): if you own a business, you need all the business returns complete before filing the personal return.  If you own a single-member LLC (see partnerships)
    NOTE: filing an extension is only for the filing deadline, if taxes are owed, they must be paid on the due date (estimate if needed)
    DUE 04/15/2018, can be extended until 10/15/2018
  • FinCen 114: most be filed to disclose foreign bank accounts.  If you have financial/bank accounts outside of US with $10,000 or more at ANY point in time of the year, you must file this form
    DUE 04/15/2018, automatically extended to 10/15/2018 if the 1040 is extended
  • Personal Returns for Foreign Nationals (Form 1040NR): if you are a partner in a US-based LLC or a shareholder of a C-corporation; you are highly likely to have to file a personal return as well even if you did not receive any income from the partnership or corporation
    DUE 04/15/2018, can be extended until 10/15/2018
 
Late file penalties are substantial, for LLC/S-Corps they are typically $195 per month per shareholder/partner.  For Corporations and Personals, late filing and late penalties can add-up to 25% or more of the tax due
-If you need a CPA to help with your situation, email me: hector@garciacpa.com
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