Corporation and S-corporation federal income tax returns, for corporations with a December 31 tax year-end, are due March 17, 2014 (March 15, 2014, the usual date, is a Saturday).

If you miss the filing deadline or do not file Form 7004 for an extension of time to file, the IRS can impose late filing penalties that can become expensive to pay. For returns on which no tax is due, the penalty is $195 for each month or part of a month (up to 12 months) the return is late multiplied by the total number of persons who were shareholders in the corporation during any part of the corporation’s tax year for which the return is due.

If you need additional time to compile the details, do file an extension by March 17th, 2014.