Per Diem Rates from the U.S. General Services Administration
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Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").
What is a Short Tax Year?
If you start your business after the first month of your tax year or end it before the last month of your tax year, you'll have a short tax year (less than twelve months). Your tax return for the short tax year should reflect income and expenses for the period of time your business was in operation that year.
Example 1:
- You're operating your business as a sole proprietor.
- You started your business July 1, 2021
- You went out of business November 30, 2021
For tax year 2021, Schedule C will include gross revenue and expenses covering July 1, 2021 through November 30, 2021.
Example 2:
- Ann Green was a single, calendar year taxpayer. She died on March 6, 2021.
Her final income tax return must be filed by April 15, 2021. It will cover the short period from January 1, 2021, to March 6, 2021.
Example 4:
C corporations
Form 1120 (or Form 7004) is due on the 15th day of the 4th month after the end of the corporation’s tax year. However, a corporation with a fiscal tax year ending June 30 must file by the 15th day of the 3rd month after the end of its tax year.
A corporation with a short tax year ending anytime in June will be treated as if the short year ended on June 30, and must file by the 15th day of the 3rd month after the end of its tax year.
Form 7004 is used to request an automatic 6-month extension of time to file Form 1120. However, corporations with a fiscal tax year ending June 30, or a short tax year treated as if the short year ended June 30, will use Form 7004 to request an automatic 7-month extension of time to file Form 1120.
S corporations
Form 1120-S (or Form 7004) is due on the 15th day of the 3rd month after the end of the S corporation's tax year. Provide each shareholder with a copy of their Schedule K-1 or substitute Schedule K-1 (Form 1120-S) and, if applicable, Schedule K-3 (Form 1120-S) or substitute Schedule K-3 (Form 1120-S) by the 15th day of the 3rd month after the end of the corporation's tax year. Form 7004 is used to request an automatic 6-month extension of time to file Form 1120-S.