Question

Gouda Corp. is an S corporation with a May 31, year-end. What is the due date and extended due date for Gouda's federal income tax return?

1. September 15 and March 15 of next year
2. July 31 and January 31 of next year
3. August 15 and February 15 of next year
4. October 15 and April 15 of next year

Answer 1

The due date and extended due date for Gouda's federal income tax return is October 15 and April 15 of next year.

Thus the correct option is option 4.

Step-by-step explanation:

The due date and extended due date for Gouda Corp.'s federal income tax return as an S corporation with a May 31 year-end are October 15 and April 15 of the following year, respectively. The standard due date is October 15, and if the corporation needs an extension, it can file by April 15 of the following year.

This timeline aligns with the general tax deadlines for S corporations. The extension provides additional time for the corporation to compile and submit its financial information accurately.

Understanding tax deadlines is crucial for businesses to avoid penalties and ensure compliance with tax regulations. The due dates provided allow Gouda Corp. the flexibility to prepare and submit its federal income tax return within the specified timeframes.Thus the correct option is option 4.