If you own a partnership, multi-member LLC, or S corporation, your tax deadline is March 16, not April 15
Who Must File by March 16?
The March 16 deadline applies to:
• Partnerships (Form 1065)
• Multi-member LLCs taxed as partnerships (Form 1065)
• S Corporations (Form 1120-S)
These are pass-through entities. The business files an informational return, and each owner receives a Schedule K-1 reporting their share of income, deductions, and credits.
What Happens If You Miss the Deadline?
The IRS late filing penalty for partnerships and S corporations is $220 per owner, per month (up to 12 months).
For example:
3 owners × $220 × 4 months late = $2,640 penalty
This penalty can apply even if the business had no taxable income.
Is There an Extension?
Yes. Businesses may request an automatic 6-month extension by filing Form 7004 on or before March 16.
This extends the filing deadline to September 15.
If Form 7004 is not filed by March 16, penalties begin accruing immediately.
What About C Corporations?
C corporations (Form 1120) generally have an April 15 deadline for calendar-year filers.
However, S corporations — which many small businesses elect — are March 16 filers.
If you are unsure which return applies to your business, this is the time to confirm.
Why This Deadline Matters
Your business return must be completed before:
• You can file your personal tax return
• You can calculate accurate quarterly estimated payments
• You can plan for distributions
• You can evaluate reasonable compensation (for S corporations)
Waiting too long creates a domino effect that delays other important planning decisions
If You’re Not Ready
If bookkeeping is incomplete or financials are not finalized, filing an extension is often the smart move. But the extension must be filed on or before March 16.
Even if final numbers are not available, filing Form 7004 protects the business from avoidable penalties.
The Bottom Line
If you operate a partnership, multi-member LLC, or S corporation, March 16 is your filing deadline. April 15 DOES NOT apply to your business.
This article is for informational purposes only and does not constitute tax advice. Every situation is different. Please contact us directly to discuss your specific facts and circumstances. We offer a free consultation to review your business structure, filing requirements, and compliance status.