Question

In regards to the taxation of corporations, which of the following statements about federal tax return...

In regards to the taxation of corporations, which of the following statements about federal tax return filing dates is false?

A corporation with a fiscal tax year ending on April 30 must file its unextended Form 1120 by August 15 following the close of the tax year.

In regards to filing annual income tax returns, corporations, like individuals, must file by the 15th day of the fourth month following the close of the tax year.

A corporation may request an extension of time to pay any balance due of its annual income tax (and avoid interest charges) if it has reasonable cause for the delay.

All of the above are false.
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Answer #1

Out of the given options, 3rd option i.e., A corporation may request an extension of time to pay any balance due of its annual income tax( and avoid interest charges) if it has reasonable cause for the delay is FALSE. Reason being the interest charges cannot be avoided even if extension is granted on the basis of reasonable cause for the delay.

Regarding other options, Option 1 is correct. Form 1120 must be filed by the 15th day of the forth month following the year end. In the given case, April is the year end and the following 4th month is August. Hence, due date would be August 15th.

For Option 2, it is correct since the annual income tax returns for corporations, like individuals, must be filed by the 15th day of fourth month following the close of the year.

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