Staying on top of tax deadlines is crucial to avoiding penalties and ensuring compliance with IRS regulations. March 2025 is a significant month for farmers, fishermen, partnerships, and S-corporations. Below is a breakdown of key tax deadlines, along with filing and payment obligations for different taxpayer categories.
March 3, 2025 – Farmers & Fishermen
If you’re a farmer or fisherman, your 2024 income tax return (Form 1040 or 1040-SR) is due. You must file and pay any tax owed by this date unless you made your estimated tax payment for 2024 by January 15, 2025. If so, you have until April to file without penalties.
March 17, 2025 – Partnerships (Form 1065)
Who needs to file? Partnerships operating on a calendar year must file their 2024 tax return (Form 1065) by March 17, 2025. Additionally, each partner must receive a copy of Schedule K-1 (Form 1065), detailing their share of income, deductions, and credits.
Extension Option:
If you need more time, file Form 7004 for an automatic six-month extension. This will push your deadline to September 15, 2025, but make sure to provide partners with their Schedule K-1s by then as well.
March 17, 2025 – S-Corporations (Form 1120-S)
Who needs to file? S-corporations must file their 2024 calendar year income tax return (Form 1120-S) and distribute Schedule K-1 (Form 1120-S) to shareholders by this date.
Extension Option:
File Form 7004 by March 17 for an automatic six-month extension. However, any taxes owed must still be paid by the original deadline to avoid interest and penalties. The final filing deadline with an extension is September 15, 2025.
March 17, 2025 – S-Corporation Election Deadline (Form 2553)
If a business entity wants to elect S-corporation status for the 2025 tax year, it must file Form 2553 by March 17, 2025. Filing after this date will push the election to take effect in the 2026 tax year.
March 17, 2025 – Payroll & Withholding Tax Deadlines
Businesses required to deposit payroll taxes must do so by March 17, 2025, if they follow the monthly deposit schedule. This includes:
- Social Security & Medicare Taxes: Employers must deposit withheld amounts from February payrolls.
- Federal Income Tax Withholding: Employers must deposit federal taxes withheld from employees’ paychecks in February.
- Non-Payroll Withholding: Taxes withheld on payments like pensions, annuities, and gambling winnings for February are due as well.
March 31, 2025 – Electronic Filing for Information Returns
Employers and businesses that file information returns electronically must submit the following IRS forms by March 31, 2025:
- Forms 1094-C, 1095-C (Health Coverage Reporting)
- Forms 1094-B, 1095-B (Health Insurance Information)
- Forms 1097, 1098, 1099 (Interest, Dividends, Miscellaneous Income, etc.)
- Forms 3921, 3922 (Stock Transfers & Options)
- Form 8027 (Employer’s Annual Tip Income and Allocated Tips)
- Form W-2G (Gambling Winnings Reporting)
Note: If you are filing paper versions of these forms, they were due by February 28, 2025.
Weekend & Holiday Adjustments
When tax deadlines fall on a Saturday, Sunday, or legal holiday, the due date moves to the next business day. In 2025, March 17 falls on a Monday, so the deadline remains unchanged.
Disaster Relief & Extended Deadlines
In the event of a federally declared disaster, the IRS may grant extensions for affected taxpayers. To check whether your region qualifies for tax relief due to a natural disaster, visit:
Final Thoughts
March is a busy month for tax filings, especially for partnerships, S-corporations, and businesses with withholding tax obligations. Missing these deadlines can result in penalties and interest charges. If you need assistance with tax preparation, filing extensions, or understanding your obligations, consult with a tax professional to ensure compliance.
Stay proactive, mark your calendar, and avoid last-minute tax stress!
