If you’ve missed the March 15 tax deadline, you’re not alone and more importantly, you’re not
out of options. For many NYC business owners, especially those operating as S Corporations
and Partnerships, this deadline is one of the most critical dates in the tax calendar. However,
even if it’s passed, taking the right steps now can help minimize penalties and keep your
business compliant.
At Alexis Robins Tax & Accounting in Brooklyn, we regularly assist clients who are behind on
filings helping them catch up quickly, reduce financial impact, and avoid further complications
Who Was Affected by the March 15 Deadline?
The March 15 deadline applies to:
- S Corporations (Form 1120-S)
- Partnerships (Form 1065)
- Multi-member LLCs taxed as partnerships
These are pass-through entities, meaning income flows through to the owners’ personal tax
returns. Missing this deadline can delay Schedule K-1 forms, which are essential for filing
individual taxes accurately.
What Happens If You Miss the Deadline?
The IRS may impose penalties per partner or shareholder, per month, which can add up quickly
especially for businesses with multiple owners
Additional consequences may include:
- Delays in personal tax filings
- Accrued interest on unpaid taxes
- Increased risk of IRS notices
However, acting quickly can significantly reduce these impacts.
What You Should Do Now
If your business missed the March 15 deadline, here are the next steps:
- File your return as soon as possible
The sooner you file, the lower your penalty exposure. - Submit an extension (if applicable)
Even late, this can help demonstrate compliance intent. - Pay any estimated taxes owed
Remember, penalties and interest continue to grow on unpaid balances. - Explore penalty relief options
The IRS may offer penalty abatement, especially for first-time offenses or valid
reasons. - Consult a tax professional immediately
Proper handling can prevent further financial and legal complications.
Falling behind on business taxes can feel overwhelming but you don’t have to navigate it alone. Our services include:
- Late and backdated business tax filings
- Strategic penalty minimization and resolution
- Assistance with IRS communications and compliance
- Tailored support for Brooklyn-based entrepreneurs and small businesses
We take a proactive approach to ensure your filings are accurate, timely, and optimized for your
financial situation.
Missing the March 15 deadline isn’t the end but delaying action can make things worse. The
key is to act quickly, stay informed, and work with professionals who understand the
complexities of NYC business taxes.
If your business missed the deadline, visit us today and let our experts help you resolve it
efficiently and confidently.
