Lisa and the Law

Partnership and S-Corp tax returns are due TODAY

If your business is taxed as an S-corporation (S-corp), or is a partnership, multi-member LLC or corporation, its tax returns are due today. Given that the tax laws change regularly and, in particularly, many of the OBBBA go into effect in the 2026 tax year be sure to review your method of taxation with your tax professional to ensure you are minimizing your tax liability. It is always worth revisiting the method of taxation you have chosen for your business. Choosing the method of taxation is not “one and done.” If you decide to change your method of taxation, be sure to know the rules that you must follow. I see owners of businesses taxed as an S-corp fail to pay a reasonable salary to the owners or inequitably make distributions to owners in violation of the Subchapter S of the IRS Code. Be sure that you are aware of the IRS tax compliance issues for your business so that you do not run afoul of the IRS.