C Corporation:
- Form: Form 1120
- Purpose: To report income, deductions, credits, and compute income tax liability.
- Taxability: Tax is levied at the entity level with shareholders paying taxes upon dividend distribution.
- Due date: Generally, the 15th day of the fourth month following the tax year’s end (April 15th for calendar year corporations).
- Penalties: Penalties may be imposed for late filing or underpayment of taxes.
S Corporation:
- Form: Form 1120S
- Purpose: To report income, deductions, credits, and convey pass through information to shareholders.
- Taxability: No tax at entity level; tax is payable by shareholders.
- Due date: Usually, the 15th day of the third month after the tax year concludes (March 15th for calendar year S corporations).
- Penalties: Late filing or underpayment of taxes may incur penalties.
Sole Proprietor:
- Form: Form 1040, Schedule C
- Purpose: To report business income and expenses as part of the individual income tax return.
- Due date: Aligned with the individual income tax return deadline, generally April 15th.
- Penalties: Late filing or underpayment of taxes may result in penalties
Partnership:
- Form: Form 1065
- Purpose: To report income, deductions, credits, and furnish details about business operations.
- Taxability: No tax at the entity level; partners are liable for taxes.
- Due date: Typically, the 15th day of the third month following the tax year’s closure (March 15th for calendar year partnerships).
- Penalties: Penalties may apply for late filing or underpayment of taxes.
Tax-exempt Organization:
- Forms: Vary based on size and activities (e.g., Form 990-N, Form 990-EZ, Form 990).
- Purpose: To report financial information and activities of tax-exempt organizations.
- Due date: Varies; Form 990 is typically due on the 15th day of the fifth month after the fiscal year concludes.
- Penalties: Late filing penalties may be incurred, contingent upon gross receipts.