For those of you that needed a bit more time. Today, September 15th, marks the deadline to have your 2014 Corporation, Partnership or Trust tax return. The extension times for these return can by some mind tricks if you are not paying attention. Corporate return, S-Corp or C-Corp, have a filing date of March 15 with a 6-month extension to September 15th. Partnership and Trust returns share the personal filing deadline of April 15th but only carry a 5-month extension. Missing this deadline can be costly.
If you filed an extension and cannot get the return filed today, Failure to File penalties begin to accrue starting tomorrow. Since Partnership and S-Corporations have their income flow through to the individual, their penalty is $195 per partner/shareholder per month for up to 12 months. C-Corporations and Trusts have a 5% per month (up to 25%) penalty of the unpaid tax. Additionally, for C-Corporations and Trusts you have been accruing 3% interest and 0.5% Failure to Pay penalty on the unpaid balance of tax since the original filing deadline. Finally, you will be liable for a $100 penalty for each K-1 that is not timely issued.
I recommend that you file the return and stay in compliance, you still have the opportunity to amend if any changes come up later. File even if you cannot pay now, it is best to avoid the larger penalties that make your situation worse.
So get those returns in! If you have any questions David Hilliard can be contacted at 714-921-2790 or at DHilliard@gtbsonline.com