If your business elected S Corporation status and filed an extension earlier this year, mark your calendar: September 15, 2025, is your final deadline to file Form 1120-S for the 2024 tax year. Missing this date could lead to penalties, late fees, and even jeopardize your S Corporation status.
An S Corporation lets business income pass through directly to the shareholders, avoiding double taxation at the corporate level. But to stay compliant, it’s essential to file Form 1120-S on time and provide each shareholder with a Schedule K-1 that details their portion of the company’s profits or losses. These forms are crucial for the individual tax filings of each shareholder.
For those newly registering their business, filing Form 1120 for a new corporation may be required first before electing S Corporation status. This applies especially to corporations initially formed as C Corporations that later file Form 2553 to be taxed as S Corps.
If you’re confused about Form 1065 vs Form 1120-S, you’re not alone. Both are used by pass-through entities, but they apply to different structures: Form 1065 is for partnerships, while Form 1120-S is strictly for S Corporations. Both generate Schedule K-1s, but serve different business models and reporting obligations.
Here's what businesses need to remember:
Original filing deadline: March 15, 2025 (pushed to March 17, 2025, since the 15th falls on a Saturday)
New deadline: If you have submitted Form 7004 for an extension, please note that the deadline is now September 15, 2025.
The extension covers only the return filing, not the tax payments shareholders are required to make.
Late filings are subject to penalties of $235 per shareholder per month, up to a maximum of 12 months.
In addition to Form 1120-S and Schedule K-1, businesses should also consider:
- Form 7004 (for filing extensions)
- Form 2553 (for electing S Corporation status)
- State-level filing requirements that might have different deadlines or require separate elections
States like California, New York, and New Jersey require their own filings regardless of federal deadlines. Make sure to check with your state’s Department of Revenue for guidance.
The IRS has increased scrutiny on S Corps in 2025, particularly around issues like reasonable shareholder compensation and timely Schedule K-1 filings.
If your business is nearing the deadline and you're unsure about what to file or how to do it, don’t wait. Connect with a qualified tax advisor or CPA. Filing correctly—and on time—protects your company’s standing and your shareholders’ financial interests.
Need help filing Form 1120-S or understanding your next steps? Book a free consultation and stay ahead of the September 15 deadline.
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