Business Entity Types and Filing Requirements

Businesses must file a tax return with the IRS each year. The type of return, and the due dates, depend on the type of income tax return that they are required to file.

Entity TypeFiling FormFiling DeadlineExtension Form (due at date of return)New Filing Deadline with Extension
Individuals (with any business reported on Schedule C, E, or F)Form 1040, US Individual Income Tax Return15th day of the 4th month following the close of the tax year – i.e., April 15thForm 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return6 months following filing deadline (Typically, October 15th
Sole ProprietorshipsForm 1040- Schedule C, Profit or Loss from Business (Sole Proprietorship)15th day of the 4th month following the close of the tax year (Typically April 15th)Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return6 months following filing deadline (Typically, October 15th)
PartnershipsForm 1065, US Return of Partnership Income15th day of the 3rd  month following the close of the tax year (i.e., calendar year taxpayer is 3/15)Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns6 months following filing deadline
S corporationsForm 1120-S, US Income Tax Return for an S Corporation15th day of the 3rd  month following the close of the tax year (i.e., calendar year taxpayer is 3/15)Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns6 months following filing deadline
Estate/TrustsForm 1041, US Income Tax Return for Estates and Trusts15th day of the 4th month following the close of the tax year (i.e., calendar year taxpayer is 4/15)Form 4768, Application for Extension of Time to File a Return and/or Pay U.S. Estate (and Generation-Skipping Transfer) Taxes6 months following filing deadline
Exempt OrganizationsForm 990, Return of Organization Exempt from Income Tax15th day of the 5th month following the close of the tax year (i.e., calendar year taxpayer is 5/15)Form 8868, Application for Extension of Time to File an Exempt Organization Return6 months following filing deadline
C CorporationForm 1120, US Corporation Income Tax Return15th day of the 4th month following the close of the tax year (i.e., calendar year taxpayer is 4/15)   Unless, fiscal year ends on June 30th, then due date is Sept 15thForm 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns6 months following filing deadline   Unless, fiscal year ends on June 30th, extension is 7 months following deadline

What is the due date for Limited Liability Companies (LLCs) to file?

LLC can file several different income tax returns, depending on how they are formed and what election is made by the entity.

  • Form 1040, Schedule C:  a single-member LLC that does not make an election will have the Form 1040 due date of April 15th.
  • Form 1120-S:  an LLC that elects S corporation status must file a Form 1120-S before the March 15th due date.
  • Form 1065: an LLC that has more than one member defaults as a partnership that requires a Form 1065 to be filed before the March 15th due date. 
  • Form 1120:  an LLC can elect to be taxed as a C corporation that requires a Form 1120 to be filed before the April 15th due date.

What is the penalty for missing the deadline to file?

The IRS can charge a late filing penalty on certain tax returns if the taxpayer does not file by the deadline.  The penalty differs based on the type of return required.

Entity TypeFiling FormLate filing penalty
IndividualsForm 1040, US Individual Income Tax ReturnOnly on returns with a balance due. Refund returns do not incur a late filing penalty.   However, taxpayers who are due a refund and do not file a return within 3 years of the deadline to file forfeit their refund. For balance due returns, the failure to file penalty is 5% per month (or part of a month), up to 25%.  If the non-filing is due to fraud, the penalty is increased to 15% per month, up to a maximum of 75%. There is a minimum failure to file penalty.   If the return is more than 60 days late, the minimum Failure to File penalty is $485 (or returns with due dates after 12/31/2023, and adjusted annually) or 100% of the underpayment, whichever is less.
PartnershipsForm 1065, US Return of Partnership IncomeThe IRS charges a penalty for late filing of Form 1065.  The penalty is $220 (adjusted annually) for each person who was a partner at any time during the tax year, for each month or part of a month that the return was filed late, for up to 12 months
S corporationsForm 1120-S, US Income Tax Return for an S CorporationThe IRS charges a penalty for late filing of Form 1120-S.  The penalty is $220 (adjusted annually) for each person who was a shareholder at any time during the tax year, for each month or part of a month that the return was filed late, for up to 12 months.
Estate/TrustsForm 1041, US Income Tax Return for Estates and TrustsThe penalty is the same as the Form 1040 late filing penalty.
Exempt OrganizationsForm 990, Return of Organization Exempt from Income TaxThe IRS charges a penalty for late filing Form 990.  Forms 990, 990EZ, and 990PF, the penalty is: (1) $20 a day for each day the return is late, if the gross annual receipts are equal to or less than $1,129,000. The penalty may not be more than $11,000 or 5% of the gross annual receipts, whichever is less. (2) $110 a day for each day the return is late, if the gross annual receipts exceed $1,129,000. The penalty may not be more than $56,000.
C CorporationForm 1120, US Corporation Income Tax ReturnThe penalty is the same as the Form 1040 late filing penalty.

What happens if you do not file a tax return?

Taxpayers who do not file a required tax return face potential IRS non-filer enforcement.   The IRS will normally send a notice to the taxpayer requesting the taxpayer to file.  Individuals usually receive IRS notice CP59 6-8 months after the due date of the unfiled return.  However, the IRS may not send a notice to every non-filer.  In fact, during the COVID-19 pandemic period, the IRS sent very few CP59 inquiries to individuals for 2000-2022 returns.   

If a taxpayer does not file, the IRS can file a return for the taxpayer- called a “substitute for return (SFR).”   The IRS will propose additional taxes, penalties, and interest based on the information it has in its possession.  Usually, the IRS uses the Forms W-2 and 1099 income information returns reported to them as a basis for computing taxes owed.  Taxpayers who do not file a return during the SFR process will receive a balance due assessment by the IRS.