Tax Strategist || Wealth Management || Business Building || Fractional CFO || CPA Firm Running || Tax Optimization Ventures (TOV CPA)
As we approach the business tax return deadline, here's a crucial reminder and some advice: 📅 returns on extension Deadline: September 16th, 2024 (extended from September 15th as it falls on a Sunday) This applies to: • Partnerships form 1065 (on extension) • S Corporations (on extension) form 1120S 🤔 What if you're still waiting for a K-1 or haven't completed your preparations? My recommendation: 1. File your best estimate, especially for S corporations. 2. Submit an amended return later (before October 15th) to correct any discrepancies. Why? To avoid the late filing penalty! ⚠️ The late filing penalty can be severe: • Substantial amount per month • Multiplied by number of shareholders • Challenging to contest and quite annoying to have additional paperwork and correspondence to the IRS Remember: While timely filing is ideal, circumstances aren't always in our control. This approach helps you avoid penalties while giving you time to gather accurate information. 💡 Pro Tip: If you're new to business tax filing, start early next year to avoid last-minute stress! Questions? Need help with your business taxes? Don't hesitate to reach out! --- #taxseason
Ciara MacMahon
3mo
Great post – thanks for sharing!
Tax Strategist || Wealth Management || Business Building || Fractional CFO || CPA Firm Running || Tax Optimization Ventures (TOV CPA)
3moTo clarify - sending in an incorrect return is not a good idea, but if the numbers are pretty close and you are just not sure of some small items like figures on a balance sheet - it might not make sense to go all nuts and file late - just make sure the profit and loss is accurate to the best of your knowledge