One issue new companies, and sometimes pre-existing ones, face is to select the type of entity they will be registered and taxed as. One of the more popular forms of late is the S Corporation. 

Generally, S Corporation election status can be preferential for companies and owners if the company generates profit, as the benefits of not having to pay self-employment tax on the profits and any distributions should equate to tax savings on the individual member returns. If the company does not generate a decent profit, or operates at a loss, the losses allowed to be claimed as deductions are limited by the members’ basis in the company.

As part of the short-term highway funding bill passed by the Senate (H.R. 3236), the due dates for several tax forms were modified.  The partnership tax return, Form 1065, and the corporate tax return, Form 1120, basically swapped due dates.  Currently, partnership returns are due April 15th, the same date personal returns are due.  Partnership returns will be due on March 15th in the future.  To the contrary, corporate returns are currently due March 15th, but will change to April 15th.  These changes will take effect for tax years beginning after December 31, 2015.