Are there any tax extensions available for businesses that file in 2023?

Tax deadlines may be difficult for small businesses to satisfy. Find out how to request an extension here.

What you’ll discover:

Will the deadline for filing corporate taxes be extended in 2023?
What options are open to companies in California, Alabama, and Georgia that have been harmed by recent severe storms?
How may company owners seek assistance with their tax obligations?

Submitting income tax returns and paying taxes are not activities that most small company owners or single proprietors like, but they are required of all entrepreneurs. Knowing your company’s duties, such as the documents you must submit and when you must file them, will help you plan ahead and prevent the stress that comes with waiting until the last minute. Learn about the 2023 tax deadlines and extensions for small companies here.

Will the deadline for filing corporate taxes be extended in 2023?

The IRS has not extended the deadline for submitting company tax returns in 2023, with only a few exceptions for firms in California, Alabama, and Georgia that have been affected by recent catastrophic storms and floods.

S-Corporations and partnerships have until March 15 to submit taxes or request extensions. Since April 15 is a Saturday and April 17 is the District of Columbia’s Emancipation Day holiday, the due date for C-Corporations this year is April 18. Sole proprietors who submit a Schedule C on their personal tax returns will have until April 18 to file their taxes or request extensions.

What options are open to companies in California, Alabama, and Georgia that have been harmed by recent severe storms?

Businesses and individuals in California, Alabama, and Georgia affected by recent catastrophic storms may be eligible for an extension to file and pay their federal taxes. This extension is issued automatically and is dependent on the taxpayer’s address being in a disaster area.

Due to catastrophic weather catastrophes or disasters, the IRS may grant extensions to companies and people in certain states or areas on occasion. If severe weather causes a catastrophe in your area this winter or early spring, you may check with the IRS to see whether the tax filing deadline has been extended in your area. The timing of the initial deadlines and how you submit your taxes might affect the extension dates. For further details, see the IRS’s supplemental advice provided on February 24, 2023.

How may company owners seek assistance with their tax obligations?

Managing your small company tax requirements in a proactive manner might help you avoid tax fines and interest payments. Getting expert tax preparation and filing help might provide you peace of mind.