March 15, 2025 S-Corp. and Partnership Deadline Approaching and BOI Report Update

If you are a Los Angeles County resident, you have an automatic extension of time to file your S-corporation (Form 1120S) and partnerships (Form 1065) tax filings until October 15th, 2025.  These filings are normally due March 15th. Otherwise, if you are NOT a Los Angeles County resident, please reach out to us to request an extension!  We also provide you with the latest Beneficial Ownership Information (BOI) update for those of you with state-formed business entities. 

Other 2024 Tax Filing Deadlines, Updates, and Resources

2024 S-Corporation and Partnership Filing Deadline is March 15th, 2025: S corporation (Form 1120S) and partnership (Form 1065) tax returns for entities who use the calendar tax year are due March 15th.   Requesting an extension to file gives you 6 months of extra time to file until the September 15th deadline. Find the TaxPlus extension request link below. ONLY Los Angeles County residents have an automatic extension of time to file until October 15th.     

https://www.taxplus.com/personal-and-business-tax-filing-extension-request/ 

2024 Individual Tax Returns, Single Member LLCs, C Corporations Filing Deadline is April 15th, 2025: Individual (1040) tax filings and payments are due April 15th.  Single Member LLCs (Form 568) not owned by a pass-through entity are due April 15th.  C Corporation (1120) tax returns are due April 15th.  The extension to file gives you 6 months extra time to file until the October 15th deadline. Find the TaxPlus extension request link below. This is an extension of time to file, but not an extension of time to pay.  We can help you to figure out if you will have a liability so you can make an estimated tax payment by the April 15th deadline to avoid late payment penalties. ONLY Los Angeles County residents have an automatic extension of time to file and pay until October 15th. 

https://www.taxplus.com/personal-and-business-tax-filing-extension-request/ 

Beneficial Ownership Information Reports Update: The Financial Crimes Enforcement Network is still enforcing the BOI Report due March 21, 2025.  This report is required for any state-formed business entities. However, on March 2, 2025, the Department of Treasury released a statement regarding the BOI report:  

“The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.” 

It is possible that there may be another update that WILL enforce fees and penalties for not filing the BOI Report. 

It is up to you, the client, to use your best judgment or consult with a business attorney regarding the BOI Report. TaxPlus cannot give a definitive response whether to file the BOI Report and is not liable for any fees or penalties that may occur. 

The state of CA has signaled that tax preparers cannot file BOI reports for clients as it may amount to practicing law.  You are encouraged to file the reports yourself at: www.fincen.gov/boi 

We can help you to file these reports for a fee using a third-party service.  Please e-mail Brenda@taxplus.com or call us at 310.398.3231. 

BUSINESS TAX DEADLINE 03/15/2025 – Request Tax Filing Extensions, If Needed: S-Corporation (Form 1120S) and partnership (Form 1065) tax returns for entities who use the calendar tax year are due March 15th.   Requesting an extension to file gives you 6 months of extra time to file until the September 15th deadline.  

If you live outside of L.A. County, you should file timely or request an extension of time to file. This extension is only an extension of time to file, not an extension to pay taxes due. We can help you figure out the extension payment required to avoid late payment penalties. 

If you would like help with an extension, please use the link below to request your individual and business extensions: 

 https://www.taxplus.com/personal-and-business-tax-filing-extension-request/ 

L.A. County Residents Qualify for Automatic Extension of Time to File and Pay Federal and State Taxes until 10/15/25: The IRS has granted Los Angeles County residents and businesses an extension to file 2024 individual returns, business returns, and all tax payments until October 15, 2025. Per the IRS website:  

“The Oct. 15, 2025, deadline applies to individual income tax returns and payments normally due on April 15, 2025. This relief also applies to the 2024 estimated tax payment normally due on Jan. 15, 2025, and estimated tax payments normally due on April 15, June 16, and Sept. 15, 2025. Penalties on payroll and excise tax deposits due on or after Jan. 7, 2025, and before Jan. 22, 2025, will be abated as long as the tax deposits are made by Jan. 22, 2025.” 

We will be working extended hours to deliver accurate and timely filings.  Please reach out to Mia@taxplus.com in L.A. at 310.398.3231 or to Henna@taxplus.com in S.D. at 858.279.1640 to start the tax filing process.  We can work with you effectively in person or virtually. 

***If you are a returning client for 2024 tax filings, please feel free to request a customized 2024 tax organizer for review.  These organizers include the previous year’s information for reference.