When is my company's 2020 tax return due?

It’s that time of year again – holiday season – and that means the end of the tax year, with tax returns due in the not too distant future!  Filing your taxes on time is a lot easier when (1) you know when the returns are due and (2) you have your financial records and information ready for your tax return preparer (even if that person is you!)

When you outsource your business’s managed accounting and taxes to KPMG Spark, we help with both points, but in this blog, we’ll focus on tax return filing deadlines for 2020 to help all business owners.  We will discuss the initial (and extended!) return due dates so you can keep up with your filing responsibilities and avoid potential late filing and payment penalties.

Do you use an Alternative Fiscal Year?

For the purpose of this article, we’ve assumed your business uses the calendar year (January 1 through December 31). If your business uses a fiscal year, continue reading to see how to adjust your tax calendar accordingly.

When are 2020 business taxes due in 2021?

To start, what is the type of entity you own or operate?  Is it a partnership, S corporation, C corporation – or are you a sole proprietorship?  Also, if you work at, or are responsible for, a non-profit or charity we’re providing that information as well.  Once you’ve determined the entity type, you can identify what your deadline is for filing business taxes using the table below. 

But what if I’m not ready to file my return – may the business get an extension?  Generally, the short answer is, “Yes”!  The table also provides the extended filing due dates for each type of entity.  If you elect to take advantage of the extension, you will also need to consider both weekends and federal holidays, as federal tax returns that fall on these days shift to the next business day.

2021 Tax Deadlines for Filing 2020 Business Returns

Partnership Tax Deadlines:

Original tax deadline for partnerships (Form 1065)

Due Date: March 15, 2021

Extended tax deadline for partnerships (Form 1065)

Due Date: September 15, 2021

S Corporation Tax Deadlines:

Original tax deadline for S Corporations (Form 1120S)

Due Date: March 15, 2021

Extended tax deadline for S Corporations (Form 1120S)

Due Date: September 15, 2021

C Corporation Tax Deadlines:

Original tax deadline for C Corporations (Form 1120)

Due Date: April 15, 2021

Extended tax deadline for C Corporations (Form 1120)

Due Date: October 15, 2021

Sole Proprietor Tax Deadlines:

Original tax deadline for sole proprietors and individuals (Form 1040)

Due Date: April 15, 2021

Extended tax deadline for sole proprietors and individuals (Form 1040)

Due Date: October 15, 2021

Nonprofit Tax Deadlines:

Original tax deadline for exempt organizations (Form 990)

Due Date: May 17, 2021

Extended tax deadline for exempt organizations (Form 990)

Due Date: November 15, 2021

What if I have a fiscal year end?

Recalculating Your 2020-2021 Tax Calendar for an Alternative Fiscal Year:

If you use a fiscal year instead of the calendar year for your business taxes, you’ll still file taxes in the same cadence (i.e. the 15th day of the third, fourth, or fifth month), but you may need to crunch some numbers to determine your actual tax deadlines. Follow the chart below to see when your taxes are due based on the day your fiscal year ends:

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The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.