R&D Tax Filing Date Only a Week Away!

The filing dates for R&D Tax Credit and deadline submission dates for claims are fast approaching. Tax filing dates and rules are set by law so it is important to be aware of filing dates. Filing dates determine when tax returns can be amended, which opens the possibility of claiming more R&D credits. Filing a late claim could result in a missed opportunity to receive a substantial credit.

The date deadlines differ depending on the company type. Details of each of these are outlined below:

Corporations (C-Corps and S-Corps)

  • Initial filing date: 2 ½ months after the end of the fiscal year.
  • Extended filing date:  6 months after the initial filing date.
    • Fiscal year end = December 31
    • Initial filing = December 31 + 2 ½ months = March 15
    • Extended filing = March 15 + 6 months = September 15

Limited Liability Companies (LLC’s)

LLC’s are initially treated like a sole proprietorship or partnership with an initial filing date of April 15 and an extended filing date of October 15. LLC’s can elect to change their fiscal year and be treated like a corporation for tax purposes. If this is the case, LLC’s will have the same filing dates as Corporations.

Individuals, Sole Proprietorship and Partnerships

Individuals, sole proprietorships and partnerships have the same initial filing date of April 15 and an extended filing date of October 15. Individuals receive “flow-through” benefits from S-Corps and LLC’s.

To simplify this, we’ve provided the table below for quick reference:

Company TypeOriginal Filing DateExtension Filing Date
  • Single-member & multi-member LLC’s, Individuals, Partnerships, Estates and Trusts
April 15, 2016October 15,2016
  • Corporations (S,C)
March 15, 2016September 15, 2016

If you would like further information about tax lodgement or filing for an extension, please contact your  nearest Swanson Reed representative or office.

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