Reminder: We are taking appointments at our field offices September 2020 Tax News
This is a reminder for you and your clients to make sure to file Form 100S, California S Corporation Franchise or Income Tax Return, by the extended due date of September 15, 2020. The original due date of an S corporation's return is the 15th day of the third month following the close of the S corporation's taxable year, which is generally March 15. Due to the COVID-19 pandemic, the original due date for this year was moved to July 15. However, the six-month extended due date did not change and is still September 15.
The six-month automatic extension does not apply to payment of the S corporation’s tax liability. Normally, the S corporation is required to pay its tax liability by the original due date of March 15, regardless of whether it files its return later using the six-month extension. Due to the COVID-19 pandemic, the original due date due was moved to July 15 and tax liability payments were due at that time.
If an S corporation does not file its return by the extended filing deadline, then the extension does not apply and any applicable late filing penalties will be calculated from the original due date of July 15 for this year only, instead of the normal March 15 due date.
For more information about S Corporation and other business entity due dates, visit our Business Due Dates webpage. Also, go to our COVID-19 Extension to File and Pay webpage to view the changes to these due dates.