Filing deadline for certain business income tax returns

Today is the filing deadline for 2020 income tax returns for calendar-year S corporations (Form 1120-S) and calendar-year partnerships (Form 1065). If the return can’t be filed by today, apply today for an automatic 6-month filing extension using IRS Form 7004. Today is also the deadline for C corporations in business in 2020 that want to have S corporation status for 2021 to make their election. Be sure to check whether a separate state election for S status is required. #IdeaoftheDay