Business returns, K-1s for every owner, extension requests and new S-corp elections are all due the same day, a month before everyone else's. Our CPAs in New York and New Jersey file them on time, every year.
Get on the calendar
Earlier is always cheaper than later.
Calendar-year businesses. When a date falls on a weekend or holiday, it moves to the next business day.
Calendar-year partnerships, including most multi-member LLCs, file Form 1065, and S corporations file Form 1120-S, along with their New York or New Jersey returns. Their owners need the K-1s from those returns to file their own.
Yes. Form 7004 gives an automatic six-month extension, to September 15, but it has to be filed by the March deadline. It extends the time to file, not to pay, and your partners or shareholders still wait on their K-1s.
The IRS charges a late-filing penalty for every partner or shareholder, for every month the return is late, up to 12 months. For a business with a few owners it adds up quickly, and state penalties come on top.
For a calendar-year business, yes. Form 2553 is due two months and 15 days into the tax year, so March 15 is the last day to elect S-corp treatment for this year without asking for late-election relief.
No, but sooner is better. Send us what you have. We'll tell you honestly whether we can file by the deadline or should file the extension now and finish properly.