FORM 1120S & FORM 1065 ANNUAL TAX FILINGS
Tax Deadline
The fling deadline with the Internal Revenue Service is September 17, 2018 this year. At that time LLC and S-Corporations will should have filed their Form 1065 and Form 1120S tax return. If you are a single member LLC then no tax return is due until October 15, 2018 which will be in the your Form 1040 tax return. This option is not available for the S-Corp since this is a pass through entity on its own and net income or loss is passed through to the 1040 via a K-1 reportable on Schedule E. S-Corporations are required to have an annual shareholders meeting where minutes are taken and recorded as part of their corporate documents. Stock 75 stock certificates should be available for transfer of ownership when needed. By law, the corporation can not have more than 75 shareholders. When counting the 75- shareholder limit, a husband and wife count as one. Only individuals, estates, certain trusts, certain partnerships, tax-exempt charity groups, and other S Corporations count as shareholders.
Penalty
The penalty of missed deadlines are $200 for each month the tax return is late up to a maximum of 12 months. This is multiplied by the number of partners of the partnership. If you are using your LLC or S-Corp to conduct business, it is best to file on time or if you are going to have a tax obligation go ahead and pay it to obtain the credit at year end. Why risk becoming delinquent in your tax status when that energy can go into becoming a successful organization.
Form IT 560C
Form IT 560C is used to pay the Georgia Net Worth tax. This should be paid by the normal tax date March 15, 2018. You will utilize this form to take the credit as well on the Form 600S return. If the tax is not paid, then a late payment penalty is due of 1/2 of 1% per month up to a maximum 25%. The tax is a percentage of total assets of the Georgia entity. A Schedule L is required as well for state returns regardless on if it is required for federal purposes.
The fling deadline with the Internal Revenue Service is September 17, 2018 this year. At that time LLC and S-Corporations will should have filed their Form 1065 and Form 1120S tax return. If you are a single member LLC then no tax return is due until October 15, 2018 which will be in the your Form 1040 tax return. This option is not available for the S-Corp since this is a pass through entity on its own and net income or loss is passed through to the 1040 via a K-1 reportable on Schedule E. S-Corporations are required to have an annual shareholders meeting where minutes are taken and recorded as part of their corporate documents. Stock 75 stock certificates should be available for transfer of ownership when needed. By law, the corporation can not have more than 75 shareholders. When counting the 75- shareholder limit, a husband and wife count as one. Only individuals, estates, certain trusts, certain partnerships, tax-exempt charity groups, and other S Corporations count as shareholders.
Penalty
The penalty of missed deadlines are $200 for each month the tax return is late up to a maximum of 12 months. This is multiplied by the number of partners of the partnership. If you are using your LLC or S-Corp to conduct business, it is best to file on time or if you are going to have a tax obligation go ahead and pay it to obtain the credit at year end. Why risk becoming delinquent in your tax status when that energy can go into becoming a successful organization.
Form IT 560C
Form IT 560C is used to pay the Georgia Net Worth tax. This should be paid by the normal tax date March 15, 2018. You will utilize this form to take the credit as well on the Form 600S return. If the tax is not paid, then a late payment penalty is due of 1/2 of 1% per month up to a maximum 25%. The tax is a percentage of total assets of the Georgia entity. A Schedule L is required as well for state returns regardless on if it is required for federal purposes.
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