Operations

Top 5 Things Partnerships and S Corps Should do Before March 15

March 15 is the deadline for partnerships and S corporations to file their federal income taxes. It’s also far enough along in the year that general financial and operational plans should be established to ensure a solid footing for the rest of the year. Below are the top 5 things that businesses should accomplish by the deadline:

File Partnership and S Corporation Tax Returns (or an Extension)

Businesses operating as calendar-year partnerships (Form 1065) and S corporations (Form 1120-S) must file their 2025 income tax returns by March 16, 2026, as March 15 falls on a Sunday.

However, if more time is needed, businesses can file Form 7004, Application for Automatic Extension by this date to extend the filing deadline to September 15, 2026, though any taxes owed must still be paid by the original deadline.

Distribute Schedule K-1s

For pass-through entities (partnerships and S corporations), Schedule K-1 forms, which detail each owner’s share of income, deductions, and credits, must be provided to all partners and/or shareholders by March 16 to enable them to file their personal tax returns by the April 15 deadline.

Organize Financial Records and Catch Up on Bookkeeping

All bookkeeping for the previous year should be completed, and any financial statements such as income or cash flow statements should already be generated and reviewed. This analysis will inform current planning and tax preparation.

Review and Update Business Plans and Goals

Take time to evaluate the previous year’s performance and define measurable goals for the coming year, such as revenue targets or marketing strategies. For new business owners, the Small Business Administration’s (SBA) business plan guide is a great place to start.

Consult Tax Professionals to Plan for the Future

Discuss upcoming tax obligations with a Certified Public Accountant (CPA) to ensure compliance, avoid penalties, and plan for the first quarter estimated tax payment for 2026, which will be due on April 15, 2026.

For business structuring, nonprofit tax strategies, succession planning and mergers and acquisition strategic planning, talk to an experienced tax attorney to ensure your business is maximizing the best tax posture.

Hackstaff, Snow, Atkinson & Griess has an expert team of tax attorneys who specialize in helping businesses of all sizes with a wide range of tax law matters.