Did You File an Extension?

On August 18th, 2011, posted in: Accounting by 0 Comment

If you filed an extension for your 2010 tax returns, the filing deadline for getting returns completed and to the IRS is fast approaching.

2010 Individual tax returns must be filed by October 15, 2011.

2010 Business and trust returns must be filed by September 15, 2011, if your fiscal year end is December 31st.  There are new penalties for late filings.

S-Corporations: $195 per month, per shareholder

$50 per schedule for failure to provide K-1

Partnership: $195 per month, per partner

$50 per schedule for failure to provide K-1

Corporations: 5% of unpaid tax for each month

Minimum penalty over 60 days, smaller of the tax due or $135

Trusts:  Subject to interest on taxes if not paid by due date

5% of tax due for each full or partial month

Minimum penalty smaller of $135 or tax due

$50 per schedule for failure to provide K-1

Most CPAs request that they receive everything needed to prepare the tax returns a minimum of 30 days prior to the filing deadline. If you don’t have all the information available, consider filing in a timely manner and amending the return later to save late filing penalties. As your virtual accountants, we are here to provide support and assistance to our clients.

As always, let us know if there is any way we can be of service.



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