March 15 Deadline Looms

An important deadline is coming up. March 15 is the due date for several tax matters, including 1) filing calendar-year partnership and S corp returns and making 2016 contributions to partners’ pension and profit sharing plans (unless a 6-month extension is filed on Form 7004); 2) electing S corp status for 2017 by filing Form 2553; 3) using up remaining Flexible Spending Account balances if a 2½ month grace period is allowed after the plan year ends; and 4) paying out certain bonuses for accrual-based businesses to claim a 2016 deduction. Contact us for assistance.