March 15 is Coming!

The Center would like to remind everyone that March 15 is hours away and that means deadlines for S corporations and partnership tax returns. For partnerships, an extension can extend the deadline until September 15, 2017. The same goes for S Corporations as well.

Also, the tax liability is due on the deadline, not the extension date. While partnerships and S corporations are flow-through entities, significant penalties exist if the return is not filed or filed improperly.

The official Tax Day this year is April 18, 2017, which is a Tuesday. Flow-through income is placed on the 1040 Individual Tax Return and taxed accordingly.

The Center would also like to say to the people and businesses of the Northeast to prepare for the incoming Winter Storm Stella, which is expected to result in 18 to 24 inches of snow on parts of Connecticut, New Hampshire, Vermont, New York, Maine, and Pennsylvania.