Maryland Multi‑Member LLC Tax Filing Guide: 1065 vs. 1120‑S (2025) Preparing early helps Maryland multi‑member LLCs avoid penalties, reduce taxes, and deliver timely K‑1s to partners. Use this checklist whether you file as a partnership (Form 1065) or an S corporation (Form 1120‑S). What to do now Confirm your tax classification and deadlines Are you Partnership (Form 1065) or S corporation (Form 1120‑S)? Most calendar‑year returns for pass-through entities (PTE) are due Marc

Setting a “reasonable compensation” salary for S-corporation shareholder-employees is not optional—it’s required by the IRS. Getting it right protects your Maryland S-corp, optimizes taxes, and reduces audit risk. Many business owners don't realize that if you're an S-corporation (filing Form 1120S or Maryland Form 510), the IRS requires that you pay yourself a reasonable salary. Why reasonable compensation is critical - IRS compliance: The IRS expects S-corp owners who work

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