Approaching Tax Deadlines for Corporations

Posted on March 6, 2007


Most individuals are now in the process of a mad scramble to pull together their Forms 1099, charge receipts, donation acknowledgements, and other items needed for the preparation of their 2006 Form 1040.  Corporations that file based on a calendar year are—or certainly should be—in a rush to file their 2006 Forms 1120, 1120-A, or 1120-S on or before March 15, 2007.  Below are a few other corporate tax-related actions that must be taken by March 15, 2007:

  • Obtain a six month automatic extension to file Forms 1120, 1120-A, 1120-S by filing Form 7704.
  • Make contributions to pension and profit sharing plans.  Companies obtaining an automatic extension to file their returns get an extra six months to contribute.
  • Pay dividends to avoid the Accumulated Earnings Tax.
  • Elect “S” corporation status for the 2007 calendar year (use Form 2553).

Russell M. Cunningham, IV, Cunningham Firm, LLC