If you are managing an S-corporation, you have a specific set of income tax guidelines to follow when it comes to choosing your tax return and reporting your figures. However, S-corporations can take advantage of a filing option that is available to individuals - extensions. 

An S-corporation extension gives a corporation more time to find tax documents and submit a return. If you have opted for an S-corporation extension, you'll need to do a few things to prepare for the extended S-Corporation filing deadline.

When to File an S-Corporation Return

S-corporations are required to file Form 1120S to report income and deductions to the IRS. While the income tax deadline for individuals is usually April 15, the initial filing deadline for an S-corporation is March 15. However, if the corporation uses a different fiscal year, the accountant can file the return on the 15th day of the third month after the fiscal year ends. The extension filing deadline for S-corporations is September 15th, regardless of when the fiscal year ends.

Requirements for Filing a Corporate Return

According to IRS guidelines, the income from an S-corporation is not taxable to the company. However, the corporation must still keep records of all income and deductions and report these figures to the agency each year. While the IRS tax return for an S-corporation is Form 1120S, this form is only used after the company's request for S-corporation status is approved. To file an extension, S-corporations use Form 7004 "Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns."

What You Need to File an Extended S-Corporation Return

To file an extended S-corporation tax return, you'll need to obtain copies of all pertinent documents. Depending on the corporation, these documents may include the income statement, details of the shareholders' capital and personal information for each shareholder such as their Social Security numbers and mailing addresses. If your corporation has employees, you may also want to gather copies of Form 941 payroll tax returns that have been filed during the year, W-2 forms that employees have received, and receipts for corporate taxes that have been paid.

Filing an extended S-Corporation tax return is very similar to filing a traditional S-Corporation tax return. Rather than waiting until the last minute, familiarize yourself with the filing requirements and collect your information so that you'll be ready to submit your tax return before the extended deadline this year!