S Corp & Partnership Tax Filing Deadlines March 15

Mid-March is just around the corner, meaning that the end of filing season is in sight, but there are some upcoming deadlines along the way to keep in mind.

March 15 Deadlines

Calendar-year S corporation and partnership income tax returns, Form 1120-S, U.S. Income Tax Return for an S Corporation, and Form 1065, U.S. Return of Partnership Income, respectively, are due Friday, March 15.

How to File for Extensions

If additional time is needed, the S corporation and partnership income tax return filing date may be extended another six months by filing Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns. This form may be filed electronically with the IRS, or they may be mailed to an IRS service center. The address to mail Form 7004 for Forms 1120-S and 1065 is the following:

Internal Revenue Service Center
P.O. Box 409101
Ogden, UT 84409

Summary

Due to the passthrough nature of income in S corporation and partnership entities, most of the time the shareholders and partners will include the business income on their own Forms 1040, U.S. Individual Income Tax Return, and pay the associated tax. However, if there is any federal tax due to be paid by the s corporation or partnership, the payment due date remains March 15, even when extending the filing date using Form 7004. Practitioners should familiarize themselves with state-specific due dates to ensure timely payments of entity tax, if any, are made by the applicable due date.     

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