Bayley Davis Associates, Inc.
Tax Professionals serving you since 1992
Corporations

The filing deadline for Form 1120, the C-Corporation federal tax return is March 15th, or the next business day if this date falls on a weekend or holiday. We can file an extension for you, which will give you until September 15th to file your return.
The IRS charges interest and penalties on Corporation taxes paid after the March 15th filing deadline even if an extension of time to file is granted. A late payment penalty of 5% of the unpaid tax per month or part of a month will be charged up to 25% of the unpaid tax. Interest is charged on taxes and penalties at the IRS determined rate. To avoid this; if you think you will owe taxes call our office to receive a payment estimate to include with your extension. Please note that the IRS also charges underpayment penalties to C-Corporations if tax is not paid as it is due throughout the year.
In order to prepare your return we need your information in our offices as early as possible; preferably by February 15th (for on time filing) or August 1st (if an extension was filed) to ensure that we have the time to prepare your return.
S-Corporations

The filing deadline for Form 1120S, the S-Corporation tax return is March 15th, or the next business day if this date falls on a weekend or holiday. We can file an extension for you, which will give you until September 15th to file your return.
Please note that because the 1120S return and your personal return are so closely tied together, we need your personal tax info along with your business tax info.
The IRS charges a penalty for S-Corporations filing late even though no taxes are due with the 1120S return. The penalty is $195 per month or part of a month per shareholder up to 12 months. If taxes are due, the IRS will charge an additional penalty of 5% of the unpaid tax for each month or part of a month the return is late up to a maximum of 25% of the unpaid tax.
In order to prepare your return we need your information in our offices as early as possible; preferably by February 15th (for on time filing) or August 1st (if an extension was filed) to ensure that we have the time to prepare your return.
Partnerships

The filing deadline for your Partnership tax return is April 15th, or the next business day if this date falls on a weekend or holiday. We can file an extension for you, which will give you until September 15th to file your return.
The IRS charges a late filing penalty of $195 per month or part of a month for up to 12 months for Partnership tax returns not filed on time. To avoid this; if you think you will owe taxes call our office to receive a payment estimate to include with your extension.
In order to prepare your return we need your information in our offices as early as possible; preferably by March 1st (for on time filing) or August 1st (if an extension was filed) but absolutely no later than March or August 15th to ensure that we have the time to prepare your return.