Tax Filing Deadline Tomorrow for Certain Business Income Tax Returns

Calendar-year partnerships and S corporations need to file their 2024 federal income tax returns—Form 1065 and Form 1120-S, respectively—by March 17, 2025. (The usual March 15th filing due date is a Saturday, so returns are due on Monday the 17th). If the return can’t be filed by today, apply today for an automatic 6-month filing extension using IRS Form 7004. Making the request means they have until September 15, 2025, to submit their 2024 returns without penalty. There may be an extended due date for victims of certain disasters. Today is also the deadline for C corporations in business in 2024 that want to have S corporation status for 2025 to make their election with the IRS. Be sure to check whether a separate state election for S status is required. #IdeaoftheDay