Every year we have a few “new to us” business owners come in to our offices in Glenburn in late March or early April that have S Corp. tax returns to file and they are past the deadline by several weeks or longer. The nature of a pass through entity is that the filing does not require a payment but it officially issues a K-1 to the owner of the S Corp. a month before their personal filing deadline of April 15th.
Any Tax Office Owner that’s new could potentially make the same error… so now’s a good time to look at the calendar and go through your client data base especially for prospects or suspects that might have eluded that they would use your Tax office services this year but have not called or come in to see you as of yet. Just check in with them and remind them that the deadline for corporate tax returns (Forms 1120, 1120A, and 1120S) for the year 2014, or to request automatic 6-month extension of time to file (Form 7004) for corporations who use the calendar year as their tax year. (The normal deadline for corporate returns is March 15th, but this falls on a Sunday, so the deadline is pushed to the next business day, which is Monday, March 16th.)
This could save a few people that are about to make this mistake as well as help you real in a few prospects that might be on the fence about whom they are going to use. Proactive Tax Office owners are rare and so a few minutes of phone time could make you the winner!!
The Tax What if Doctor;-)