September 16 Deadline for Extended Pass-Through Filings

Pass-through entities such as S corporations and partnerships with a calendar-year-end face an upcoming extended tax filing deadline on September 16, 2024. Although the six-month extension may seem generous, many filers find themselves pressed for time as the due date approaches. To avoid penalties and delays, be sure to file your return on time, whether submitting electronically or by certified mail.

Extended Forms 1120-S, U.S. Income Tax Return for an S Corporation, and 1065, U.S. Return of Partnership Income, may be filed electronically. Filers should monitor the delivery status of such returns to confirm receipt by the IRS. If the e-filing is rejected, filers have a five-day grace period to make any corrections and resubmit the return to be considered timely.

If necessary (and applicable), filing paper returns is possible. However, it is recommended such returns be mailed through certified mail to ensure the sender receives documentation confirming when their returns were sent. Remember that the returns must be postmarked with the September 16 date to be considered timely. Filers should consider monitoring tracking information to confirm receipt by the IRS.

Along with ensuring that extended returns are filed in a timely manner, S corporations and partnerships must also provide their shareholders and partners with their Schedules K-1, which reports each shareholder’s and partner’s share of income to report on their income tax return. The deadline for individual shareholders and partners who extended their tax return filings is October 15, 2024.  

By Chris Korban, CPA
Tax Materials Specialist, U of I Tax School