IMPORTANT DEADLINE: S-Corps, S Elections, Partnerships and Large Partnerships

S-CORPORATIONS:File a 2018 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of their Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc., or substitute Schedule K-1 (Form 1120S). To request an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in tax. Then file the return; pay any tax, interest, and penalties due; and provide each shareholder with a
copy of their Schedule K-1 (Form 1120S) by September 16.

PARTNERSHIPS: File a 2018 calendar year return (Form 1065). Provide each partner with a copy of their Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or substitute Schedule K-1 (Form 1065). To request an automatic 6-month extension of time to file the return, file Form 7004. Then file the return and provide each partner with a copy of their final or amended (if required) Schedule K-1 (Form 1065) by September 16.

S ELECTIONS: File Form 2553 to elect to be treated as an S corporation beginning with calendar year 2019. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2020.

LARGE PARTNERSHIPS: Large partnerships must provide each partner with a copy of their Schedule K-1 from Form 1065-B. This due date still applies even if the partnership requests an extension of time to file Form 1065-B by filing Form 7004.