File S-Corp Tax Form 1120-S
Extension Online
Need more time to file Form 1120-S?
Request an extension with Form 7004
to avoid IRS penalties.
Key Insights: Form 7004 for S-Corp Tax Extension
- S-Corporations can file Form 7004 with the IRS to obtain an extension to file Form 1120-S.
- Once Form 7004 is accepted by the IRS, the S-Corporation is granted 6 months of automatic extension to file their 1120-S forms.
- The Deadline to file an S-Corporation Tax Extension for the 2024 tax year is
March 17, 2025
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Table of Contents
S- Corporation - An Overview
S-Corporations are a popular business structure that allows corporate income, losses, deductions, and credits to be passed directly to shareholders for federal tax purposes.
Shareholders report these amounts on their personal income tax returns, where they are taxed at individual income tax rates. This structure helps to prevent double taxation on the corporate income of S-Corporations. However, S-Corporations are responsible for paying taxes on certain built-in gains and passive income at the entity level.
Despite the tax liability being passed on to the shareholders, S-Corporations must
file Form 1120-S with the IRS each year to report their financial information and activities.
When is the Deadline to File Form 1120-S?
The deadline to file Form 1120-S for an S corporation is on or before the 15th day of the third month following the end of the tax year.
If the S-Corporation operates on a calendar year basis, the deadline to file Form 1120-S with the IRS is March 17, 2025 (since March 15th is the weekend).
If your business does not operate on a calendar year, find your tax due date here.
How to File 1120-S Extension?
S-Corporations that need more time to file
Form 1120-S can request an extension of time by filing Form 7004.
S-Corporations that file Form 7004 on or before the original deadline will get up to 6 months of additional time from the IRS to file Form 1120-S. This extension is automatic, so you are not required to provide any reason for requesting more time.
Note: Form 7004 only extends the deadline for filing the S-Corp tax returns. Any pending tax payments must be paid by the original deadline.
What are the Penalties Associated with
S-Corp Tax Return 1120-S?
An IRS penalty may be imposed on S-Corporations that have not filed their 1120-S or didn’t get an extension by the deadline. The penalty amount depends on whether or not the S-Corporation owes taxes. Here are the penalty rates according to
the IRS.
- If no tax is due: The penalty is $245/month for each month the return is late or doesn’t include the required information, multiplied by the total number of corporate shareholders.
- If tax is due: The penalty of 5% of the unpaid tax for each month isn’t paid up to a maximum of 25% of the unpaid tax.
S-Corporations may also be subjected to penalties for not paying the tax due balance within the deadline (even if they have got an extension for filing 1120-S).
Easily File S-Corp Tax Extension with ExpressExtension
ExpressExtension, an IRS-authorized e-file service provider for tax extension, offers a complete solution for all types of business structures, including S-Corporation, to
file Form 7004 with
the IRS.
State Tax Extension for S-Corporations
In addition to federal filing extensions, some states require S-Corporations to file state extensions with their required agency.
See How ExpressExtension simplifies the state extension filing process
With ExpressExtension, you can complete and e-file your 7004 extension form in minutes and receive instant IRS updates. You can complete and e-file your Form 7004 with ExpressExtension by following these simple steps:
-
Step 1:
Choose Form 7004 and enter your basic business information
-
Step 2:
Select the form (1120-S) for which you need to request an extension
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Step 3:
Enter the form details, complete the tax payment (EFW or EFTPS), and transmit the form to the IRS.
Our world-class support team is available via phone, email, and live chat to assist you during the filing process.
Avoid IRS late filing penalties by e-filing your S-Corp extension now!
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