18588: 2024.08.04 Broadcast - Prepare for the 1065 and 1120-S Extension Filing Deadline

Prepare for the 1065 and 1120-S Extension Filing Deadline 

The September 16, 2024, partnership and S corporation extension deadline is right around the corner. Returns must be filed by midnight local time. Drake Software strongly suggests e-filing several hours before the deadline to ensure a timely filing.

(The standard September 15 deadline falls on a Sunday.)

When you are ready to file an extended return in Drake Tax: 

• Navigate to screen 7004.
• ​​​​Mark the Extension was previously filed; the regular return is now ready for filing check box.
• On screen EF, under FEDERAL E-FILE OVERRIDE, clear the 7004 check box.
• Recalculate and transmit the return. Refer to 1065/1120-S – Extension Form 7004 for more information. 

The perfection period for Forms 1065 and 1120-S returns is 10 days (IRS Pub. 4163). You can re-transmit the return more than once during the perfection period, but any transmission after the perfection period is considered a late filing. 

Refer to the Drake Software "Return Due Dates and Deadlines" Knowledge Base article or the IRS Newsroom for more details. 

Protect Yourself and Your Clients from Phishing Schemes 

Take Action: Tax return preparers and taxpayers are prime targets for deceptive phishing email attacks, a fraudulent tactic where scammers attempt to steal sensitive information, such as usernames, passwords, bank accounts, and merchant card information. It is crucial to be vigilant and educate your clients about these scams.  

Refer to the following Knowledge Base articles for additional phishing information: 

• Common Phishing Tactics and Legitimate Drake Pay Requests.
• Best Practices for Protecting You and Your Clients from Phishing Scams.