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TAX TIPS: Some business tax filing due March 15

By Rosalyn Partin, H&R Block

If you are responsible for filing the federal tax return for a Partnership (Form 1065) or S-Corporation (Form 1120-S), the due date is the 15th day of the third month following the close of your tax year. For Partnerships and S-Corps that are on a calendar year this means the tax return is due March 15.

If you aren’t able to file the Partnership or S-Corp return by March 15, you should file for an extension using Form 7004. The extension form must be filed by March 15 or it will not be accepted. By filing the Partnership or S-Corp extension, you are granted an automatic six-month extension, giving you until September 15 to file the return.

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If the Partnership or S-Corporation tax return or extension isn’t filed by March 15, IRS can impose a penalty of $210 for each month or part of a month (for a maximum of 12 months) the failure continues, multiplied by the total number of partners or shareholders during any part of the partnership’s tax year for which the return is due.

If possible, it is best to file the extension electronically so IRS receives and processes it timely.

Avoid penalties for late-filing Partnership and S-Corporation returns.  For help in filing your business extension, call H&R Block today!

If you have questions or want to schedule an appointment, please call H&R Block in Manchester TN at 931-728-9462. H&R Block Has Your Back!

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