Category: Tax Returns, Examinations & IRS Procedure Copyright 1998, The Tax Resource Group. All rights reserved. Telephone 800-578-3498. Internet: www.taxresourcegroup.com An S corporation electing a non-calendar tax year under Section 444 is required to compute and pay over an amount to compensate the government for the tax deferral associated with the non-calendar year. That amount is computed under and payment is controlled by rules set forth in Section 7519. The due date for such payments appears to be May 15 irrespective of the S corporation's fiscal year. This issue is to confirm that the payment is due May 15 for all S corporations having made an election under Section 444. Regs. Section 1.7519-2T(a)(4)(ii) provides the May 15 due date and does not provide any alternative dates based on the actual tax year of the S corporation. |
