Did You File An Extension? Income Tax Deadlines are Coming Soon.
- Tuesday, 08 September 2015 14:01
April isnât the only busy tax season. There are many tax deadlines throughout the year. If you filed an extension, here are the dates you need to know.
The income tax deadline for corporations and partnerships is right around the corner on September 15, 2015
. If you filed an extension, this is your deadline to submit your 2014 income tax forms to the IRS.
What are the penalties for businesses if they miss the September 15 deadline?
- C Corporations – The IRS can assess a penalty of 5% of the next tax due for each month or part of a month the return is filed late, up to a maximum penalty of 25%.
- S Corporations – The IRS can assess a penalty equal to $195 per shareholder for each month the return is filed late (maximum of 12 months).Â Therefore, the maximum penalty per shareholder is $2,340.
- Partnerships, including multi-member LLCs – The IRS has the ability to assess a penalty equal to $195 per partner/LLC member for each month the return is filed late (maximum of 12 months).
The deadline for filing your 2014 individual tax return if you received an extension of the April 15 deadline is October 15, 2015
Avoid Penalties; File Your Returns Now!
Avoid costly penalties and get your tax forms submitted on time! If you need help, our tax experts are available to assist you with your income taxes. We are your financial partner and are committed to your financial success!
For more information, give us a call at 770-888-7700 orÂ contact us