What is the S Corp tax deadline for 2023-2024?

As a business owner, April 15 isn’t the only tax deadline you should have on your calendar. The business tax due dates you need to pay attention to depend on your earnings and business structure – especially if your business is an S Corporation, a partnership, or an LLC taxed as a partnership or electing S Corp taxation. For this post, we will focus solely on S Corp taxes. However, keep in mind that the S Corp tax deadline also aligns with the partnership tax filing due date.

So, when are S Corp taxes due? Keep reading to learn the important S Corp tax return deadline. (Not an S Corp or partnership? Find the answer to “When are business taxes due?” for other business structures).

A small business owner working to meet the S Corp Tax Deadline 2023

Key Takeaways

  • The S Corp tax deadline for 2023 (and beyond) is usually March 15 for most taxpayers
  • The S Corp tax due date may be different for small business owners who use a fiscal year that does not align with the calendar year
  • S Corp taxes can be filed using Form 1120-S. An extension for the S Corp tax return due date can be requested using Form 7004.

When is the S Corp tax filing deadline?

S Corporations are “pass-through entities,” meaning the corporation’s profits and losses are reported on the tax returns of individual shareholders. However, your S Corp is still required to file an information income tax return and other IRS forms each tax year. What many small business owners are surprised to find out is that the S corporation tax return deadline, as well as the tax deadline for LLCs electing S Corp taxation, is not in April.

Businesses that are organized as S Corporations are required to file their annual tax return by Friday, March 15, 2024, for calendar-year tax filers. By March 15, S Corps and partnerships must file IRS Form 1120-S or Form 1065, respectively. Additionally, you must attach a Schedule K-1 for each shareholder (S Corp) or partner (partnership) and send them a copy.

Note: If your business uses a fiscal year, you must file your business tax return by the 15th day of the third month following the close of your tax year. For example, if you operate on a fiscal year ending in June, your S Corp tax return due date would be September 15.

What if I can’t file by the S Corporation tax due date?

If the S Corp tax deadline caught you off guard this year – or if you recently formed and it’s the first time you must meet the earlier S Corp tax due date – don’t panic! You have the option to file for an S Corp tax extension. The S Corp tax return deadline for extensions is the same as for the return itself – March 15 (or the 15th day of the third month following the close of your fiscal tax year).

If you are going to miss the S Corp tax due date, complete and file IRS tax Form 7004. Doing so will push the S Corporation tax deadline out six months. It’s important to remember that March 15 is the S Corp tax filing deadline and the S Corp tax return extension request deadline. If the S Corp has a balance due, it will need to be paid when you file for the extension. In most cases, the S Corp will not have a balance due since it is a pass-through entity, but there are situations where tax may be due.

If you want to avoid the consequences of missing your S Corp filing deadline or not paying your taxes on time, it’s important to get your paperwork in on time. Keep reading to learn more about possible penalties.

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Penalties for filing business taxes late

You may be penalized if you miss the S Corp tax return deadline. S Corps that fail to file Form 1120-S (or, for partnerships, Form 1065) by the entity tax return due date may be fined by the Internal Revenue Service (IRS). Missing the S Corp tax due date can land you a minimum penalty of $235 (for 2023) for each month or part of the month the return is late multiplied by the number of shareholders or partners.

It is a good idea to be diligent and ensure you don’t miss the tax return due date for S corporations. Consider marking the S Corp tax deadline on your calendar or scheduling an email reminder. If you read this article after the S corporation tax deadline, a Block Advisors small business certified tax professional can help you understand your next steps to minimize IRS penalties.

More help with business tax deadlines and filing

We know it can be hard to stay on top of tax deadlines – that’s why Block Advisors is here to help. Ready to complete your business tax filing? Let our small business-certified tax pros take care of the details and alleviate the stress of S Corp tax returns for you.

Need help beyond taxes? We offer year-round small business services to help you manage your small business to-do list. Our expertise in bookkeeping, payroll, business formation, and beneficial owner reporting can take these administrative tasks off your plate so you can focus on the parts of your business you love instead.

Speak with a certified small business pro today!

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