Just a reminder that the deadline to file your S-Corporation and Partnership tax returns is March 15th. If those tax returns won’t be completed by then, make sure to file an extension by March 15th.
Not filing a tax return or extension for your S-Corp or Partnership by March 15th gets very expensive very quickly. The IRS currently charges a penalty of $220 per shareholder or partner per month that the return is late.
And if you need more time to fund your 2022 retirement plan, make sure to file for an extension by 3/15. That will give you six extra months until September 15th to fund the retirement plan for your practice for 2022. Do NOT file your practice tax return by 3/15/23 if you want to give yourself more time to finalize your 2022 retirement plan contributions. Instead, submit only the extension request with the IRS at this time even if you can file your business return.
More info about filing extensions is available from the IRS at: Extension of Time To File Your Tax Return | Internal Revenue Service (irs.gov)