March Deadlines for S Corp, Partnerships & Businesses
March begins on Saturday, and we want to remind you that certain deadlines are quickly approaching.
March 17th Tax Filing Deadline for S Corp and Partnerships
We are approaching the March 17th tax filing due date for the 2024 calendar year for S corporations and partnerships. Keep in mind that this filing deadline does not require making a tax payment; missing the due date could result in penalties. If you must file an extension, the deadline for extended S corporation and partnership returns is September 15, 2025, not the 17th.
Penalties
If an S corporation or partnership files their tax return after the March 17 deadline, the IRS will charge a penalty. The penalty calculation for 2024 S corporations and partnerships is $245 for each month or part of a month (up to 12 months) the return is late, multiplied by the number of shareholders or partners.
Example: A business tax return with no tax due, filed the day after the March 17th due date, could cost a married couple who jointly own an S corporation $490 in penalties.
March 21st BOI Filing Deadline
As we reported on Friday, February 21, 2025, FinCEN published a notice that BOI Reporting requirements are back in effect. The new filing deadline for the majority of reporting companies is March 21, 2025. For more information about the BOI reporting requirements, visit the Financial Crimes Enforcement Network (FinCEN).
Should you have questions about this, or any other topics related to your personal or business situation, please contact us at any time.
DISCLAIMER: The WM Update, WM Wednesday Wisdom, WM Daily Update and other related communications are intended to provide general information, as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.
