If you are a calendar year taxpayer you need to be aware of the September 15th deadline if you are doing any of the following.
- 3rd Quarter 1040 Estimated Payments
- Form 1120 C Corporations
- Form 1120s S Corporations
- Form 1041 Estates and Trusts
- Form 1065 Partnerships
For the 1120s and 1065 returns if you file late the penalty is $195 per month or part of (maximum 12 months) times the number of shareholders. Note this applies if there is no tax due with the return.
For the 1041 returns if you file late the penalty is 5% of the tax due for each month or part of up to a maximum of 25% of the tax due. If the return is more than 60 days late the penalty is smaller of $135 or the tax due.
For the 1120s and 1120c returns with a balance due if you file late the penalty is 5% of the tax due for each month or part of up to a maximum of 25% of the tax due. If the return is more than 60 days late the penalty is smaller of $135 or the tax due.
If you are late with your estimated payment they will charge you an interest and penalty for not filing on a timely basis.
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