Hi,
The business extension deadline is now only days away.
September 15, 2026 is the extended federal filing deadline for calendar-year partnerships and S corporations. Just to clarify: this even applies to businesses that made no money:
- Shell entity/no activity?
- Profits minimal?
- Showed a loss?
You must still file. Otherwise, federal penalties apply.
The September 15 deadline generally applies to:
• Partnerships filing Form 1065
• S corporations filing Form 1120-S
• Schedule K-1 and, when required, Schedule K-3 delivery to partners and shareholders.
Here is what waiting can cost:
• Partnership and S corporation late-filing penalties can be $255 per partner or shareholder, per month, for up to 12 months. A four-owner business that files three months late could face $3,060 before other penalties are considered.
• A missing or incorrect Schedule K-1 or K-3 can trigger a separate $340 penalty for each statement, subject to the applicable rules and relief provisions.
• If tax is due, interest and possible late-payment penalties continue to accumulate from the original payment deadline.
An extension gave you more time to file – not more time to pay. Any tax that should have been paid at the original deadline may already be accruing interest, so finishing the return now matters even if you cannot pay the full balance immediately.
Before we can file, this is what usually needs to be addressed:
- Year-end bookkeeping and bank reconciliations
- Payroll, contractor payments, and owner compensation
- Owner contributions, distributions, and equity balances
- Equipment, vehicle, and other fixed-asset purchases
- Business loans and interest expense
- Inventory and cost-of-goods-sold figures
- Partner or shareholder changes during the year
- Foreign accounts, foreign owners, or international transactions
- Any missing tax documents or K-1s from other entities
Fiscal-year businesses, state returns, and taxpayers receiving disaster relief may have different deadlines. That is why the first step is confirming exactly which dates apply to your entity.
Reply to this email by Wednesday, and we will schedule a free 15-minute call with our senior tax advisor. Bring your most recent return, current bookkeeping, and extension confirmation so we can identify what is missing and whether your return can be completed before the deadline.
September 15 is the filing deadline – not the day to begin gathering the records.
Sincerely,
—
George Dimov, CPA
Licensed and Insured
(833) 829-1120 toll free
(212) 994-8081 Fax
www.dimovtax.com