March 17, 2008 – All calendar-year corporate taxpayers are reminded that the due date for income tax returns is Monday, March 17. Corporations that are unable to file returns by the due date can file an application for extension by March 17. Taxpayers should use form 7004 to file the extension, according to a press release from Attorney Gizette L. Thomas, director of the Bureau of Internal Revenue.
Corporate taxpayers are also reminded to include the ten percent corporate surcharge when calculating their total tax liability. "The surcharge must be paid with the corporation's regular tax liability," Thomas stated.
The surcharge is ten percent of the amount shown on the line indicating total tax on the forms 1120, 1120A and 1120F. Corporate taxpayers are reminded that the ten percent surcharge is not deductible in computing the corporate tax liability.
Questions regarding the ten percent surcharge should be directed to the Office of Chief Counsel at 715-1040, ext. 2249, or 714-9312.