office desk (Photo credit: Sean MacEntee)
The Internal Revenue Service is on a roll! After announcing that the 2014 tax season would open on January 31, 2014, for individual taxpayers, the IRS has now announced that they will begin accepting 2013 business tax returns on Monday, January 13, 2014. This start date applies to both electronically-filed and paper-filed returns.
Business tax returns include any return that posts on the IRS Business Master File (BMF). Those BMF returns include a variety of income tax and information returns including:
- Federal form 1120 (corporations)
- Federal form 1120S (S corporations)
- Federal form 1065 (partnerships or entities taxed as partnerships)
- Federal form 1041 (trusts and estates)
- Federal form 720 (excise)
- Federal form 940 (FUTA)
- Federal form 941 (FICA)
- Federal form 2290 (Heavy Highway Vehicle Use Tax)
are generally due on March 15 but since March 15 falls on a Saturday in 2014, the due date for forms 1120 and forms 1120S will be March 17, 2014.
Partnership returns and certain trusts and estates returns are due on April 15, 2014.
The January 13, 2014, start date does not apply to businesses that report their income on a federal form 1040. That includes sole proprietors who file a Schedule C, landlords who file a Schedule E and farmers who file a Schedule F. It also does not apply to business taxpayers who have elected to be treated as a disregarded entity for federal taxpayers. The start date for those filers – as well as all other 1040 filers – is January 31, 2014.
I’ll have more on tax season deadlines and announcements as tax season nears. Check back in for the latest details.