As we make our way through tax season it can be confusing trying to keep all the different deadlines straight. We have a solution: a brief and comprehensive overview on what is due when, so you can plan accordingly! It is best to start early, collecting all necessary documents and staying in touch with your accountant to ensure a timely and stress-free tax filing process.

S Corporations & Partnerships

March 15th – This is the deadline for any S corporations and Partnerships. It is also the deadline for the New York State Franchise Tax Fee for single-member LLCs which is form IT-204-LL with a flat rate of $25 per entity.

If a Partnership or S corporation requires an extension, the new due date will be September 15th.  When filing an extension there is a New York State fixed corporation franchise tax that is determined by your gross receipts from the year. (see below picture from NYS)

Individuals, C Corporation, and Trusts & Estates

April 18th – Tax Day! This date is when individual and C corporation returns are due. Estate and Trust returns are also due on this date. As this date is rapidly approaching, it is in your best interest to work with your accountant to get your taxes filed as soon as possible to ensure a smooth process.

If an individual or C corporation needs to extend their returns will then be due on October 15th. The due date for Estates and Trusts that are on extension is September 30th.  

Below is a friendly reminder for when quarterly estimated tax payments are due:

• First Quarter – April 15, 2023
• Second Quarter – June 15, 2023
• Third Quarter – September 15, 2023
• Fourth Quarter – January 15, 2024

If you have any questions please contact your tax professional at Dermody, Burke, and Brown, CPAs.

The information reflected in this article was current at the time of publication.  This information will not be modified or updated for any subsequent tax law changes, if any.