Federal Corporate and Individual Income Tax Deadlines
The federal filing deadline for 2021 for calendar year end corporate income tax returns (IRS Form 1120) and individual income tax returns (IRS Form 1040) is Monday, April 18, 2022 for most taxpayers. This is a result of Washington D.C.’s Emancipation Day holiday on April 15th. By law, for tax deadline purposes, the IRS recognizes the District of Columbia’s legal observation of holidays in the same manner as federal holidays. For those taxpayers who live in Maine or Massachusetts, the tax filing deadline is April 19, 2022, as a result of the Patriots’ Day holiday in those states. For those individuals that request an extension, the deadline is October 17, 2022.
For pass-through entities (those filing IRS Form 1120-S and Form 1065), the filing and payment deadlines are dependent on the entity’s year end. These returns must be filed by the 15th day of the third month following the close of the taxable year or period. For calendar year entities, the due date is March 15, 2022. An extension of up to, but no later than, six-months may be requested.
Maryland Property, Corporate, and Individual Income Tax Deadlines
On January 26, 2021, the Maryland Department of Assessments and Taxation (SDAT) confirmed the due date for annual reports, personal property tax returns, and extension requests for Maryland registered businesses is April 15, 2022. Business entities that own, lease, or use personal property in the State or maintain a trader’s license with a local unit of government in the State are required to file annual reports on a yearly basis. The filing enables entities to maintain “good standing” status, and the failure to file may result in forfeiting its good standing, and in turn, the ability to legally conduct business in Maryland. If a business requests an extension, it has until June 15, 2022 to file its annual report and personal property tax return.
To submit a filing or request an extension for annual reports and personal property tax returns, a business can use the SDAT online business express portal.
For business filing income tax returns, the filing and payment deadlines are dependent upon the business’s year end. Maryland Corporate Income Tax returns (Form 500) must be filed by the 15th day of the fourth month following the close of the taxable year or period, or by the business’s due date for filing a federal return. Accordingly, this year a corporation with a calendar year end must file its Maryland Form 500 or request an extension by April 18, 2022. An extension of up to, but no later than, seven-months may be requested.
For pass-through entities (those filing Maryland Form 510 or Form 511), the due dates are dependent on the type of entity. For S corporations, the deadline is on or before the 15th day of the fourth month following the close of the taxable year or period, or by the business’s due date for filing a federal return. S corporations may request an extension of up to, but no later than, seven-months. For partnerships, LLCs, and business trusts, the deadline is also on or before the 15th day of the fourth month following the close of the taxable year or period, or by the business’s due date for filing a federal return. However, these entities may only request an extension of up to six months. This year, for calendar year end entities, the Form 510 and Form 511(or requests for an extension) are due by April 18, 2022.
For purposes of individual income taxes, the Comptroller recently extended the State’s individual income tax filing and payment deadline for the tax year ending 2021. Instead of tax filings and payments being due on April 18, 2022, the new automatic deadline is July 15, 2022. Taxpayers will not need to request an extension; instead, both resident and nonresident taxpayers shall receive the automatic grace period. More details are included in the M&S blog post, Maryland Extends Individual Income Tax Filing and Payment Deadlines. The first quarter 2022 estimated tax payments are still due by April 18, 2022.
Opinions and conclusions in this post are solely those of the author unless otherwise indicated. The information contained in this blog is general in nature and is not offered and cannot be considered as legal advice for any particular situation. The author has provided the links referenced above for information purposes only and by doing so, does not adopt or incorporate the contents. Any federal tax advice provided in this communication is not intended or written by the author to be used, and cannot be used by the recipient, for the purpose of avoiding penalties which may be imposed on the recipient by the IRS. Please contact the author if you would like to receive written advice in a format which complies with IRS rules and may be relied upon to avoid penalties.
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