We’ve hit the first tax filing deadline for 2009 returns. Today’s the day that calendar year corporation and S-corporation tax returns are due. Since almost all S-Corps are calendar year, that means a whole bunch of returns are due today.
But what can you do if you’re not ready? File an extension. Go to the IRS’ web site and download Form 7004, complete it, and mail it today. (Here’s a link to the instructions, which contains where you mail Form 7004 to.)As always, I strongly urge that you use certified mail, return receipt requested so that you have proof of mailing (and receipt).
California does not require an extension to be filed (it is automatic). However, an extension is an extension of time to file, not to pay. California has a minimum franchise tax for all corporations (except in their first year), so many corporations will need to download Form 3539 and send it to the Franchise Tax Board.
It’s fairly easy to file an extension and avoid penalties. There’s absolutely no reason no to do this if you need to.