MARCH 15 DEADLINE - WHO HAS TO FILE
- May Sung

- Mar 5, 2025
- 2 min read
March 15 Tax Deadline: Don’t Miss These Important Partnership & S-Corp Filing Dates
The March 15 tax deadline is coming up fast for Partnerships (Form 1065) and S-Corporations (Form 1120-S). If your business falls into one of these categories, now’s the time to make sure your return is filed or an extension is in place. Waiting until the last minute can lead to unnecessary penalties and delays—so let’s break it down.
What You Need to Know About the March 15 Deadline
Who Needs to File? If your business is a Partnership or an S-Corporation operating on a calendar-year basis, your tax return is due by March 15, 2024.
Pass-Through Taxation: These entities don’t pay federal income tax themselves. Instead, profits and losses “pass through” to the owners’ personal tax returns. Filing on time ensures partners and shareholders can file their personal returns without delays.
Extensions Are an Option: Not ready to file? You can request an automatic six-month extension, giving you until September 16, 2024 (since September 15 falls on a weekend). However, keep in mind—an extension to file is NOT an extension to pay. If you owe taxes, estimates should still be paid by March 15.
Special Tax Relief for Los Angeles Fire Victims
If you were affected by the recent Los Angeles fires, you might qualify for tax relief. The IRS has extended various filing and payment deadlines to October 15, 2025, for individuals and businesses impacted by the wildfires and straight-line winds that began on January 7, 2025.
Currently, Los Angeles County is included in the disaster relief area designated by FEMA. If your business is in one of these areas, the IRS will automatically identify you for relief—no need to contact them. However, if you were affected but aren’t in a designated area, call the IRS at 866-562-5227 to check if you qualify. If your tax accountant is in the area, but you are not, you technically qualify for extension. Ask your tax accountant for details.
For the latest updates, refer to official IRS announcements or consult with a tax professional to see how this relief applies to your specific situation.
What Happens If You Miss the Deadline?
Filing late can lead to IRS penalties. Partnerships face penalties based on the number of partners and the months the return is overdue. S-Corporations face similar fines, which can add up quickly. Plus, late filing delays Schedule K-1s for partners and shareholders, which could disrupt their personal tax filings.
What You Should Do Right Now
Get Your Financials in Order: Make sure all income, deductions, and expenses are properly recorded.
Double-Check Compliance: If you’re an S-Corp, confirm that your election is still valid and in good standing.
Talk to a Tax Professional: If you need help filing or requesting an extension, now’s the time to act.
Need Assistance?
At MKHS Tax Group, we help businesses stay compliant and avoid unnecessary penalties. Whether you need to file, extend, or navigate disaster relief options, we’re here to guide you through the process. Contact us at may.sung@mkhstaxgroup.com today to ensure your business stays on track!




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