“Deadlines and commitments
Every morning and in the evening,
They can suck you in,
Boy, don’t I know it.
This offer will be standing,
All you gotta to do is call,
Don’t be afraid to knock on the door”.
– The Killers – “Deadlines and Commitments”
This blog entry is going to be short and sweet:
Make sure to file your corporate tax returns on time! The deadline for C-Corps and S-Corps is March 15th. That’s less than two weeks away!
Why is this so important? Beyond the necessity of having the corporate returns completed so that personal returns to be filed, the Feds have made late returns very costly. The IRS failure to file penalty is $195 per officer per month that the return is late! Think about that. If you are in a partnership with 5 officers and you filed 6 months late that would be a penalty of $5,850! That’s on top of whatever penalties the individual state assesses.
We still have time to file before the 15th and if more time is needed an extension can be filed. Contact me so I can get this done for you! Don’t get caught by this very easily avoidable trap.
IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code.