Can you believe it; the 2007 tax year end is just around the corner! Most new business owners assume their tax returns are due April 15th for their corporate or LLC structure. However, the due date for most all business returns are not the same as that of a personal 1040.

Corporations (“C” and Sub-Chapter “S”) must file IRS form 1120 by March 15, 2008. For LLC’s and Limited and General Partnerships, the due date for IRS form 1065 is April 15, 2008.

A word of caution for those who operate out of an LLC - check with your tax expert to confirm your business tax election. An LLC can be taxed as a partnership, a sole-proprietorship, or as a “C” or “S” Corporation.

If your business operates a qualified retirement such as a 401k Profit Sharing plan, IRS form 5500 may be required. If your plans year end falls on December 31st and if it meets the requirements for filing, the due date is July 31st.

For guidance on tax compliance and assistance with preparation, a Traders Accounting tax professional can ensure that you meet the stringent IRS guidelines.