Be Prepared for the September 15th Tax Deadline!

There is a misconception among that there is only one busy season when it comes to tax and accounting firms in the United States. However, there are many deadlines to be met throughout the year, making for multiple busy seasons. With the September 15th tax deadline fast approaching, we want to alert our clients of what is due.

What is due by September 15th?
  • 3rd Quarter estimated tax payments for the 2015 tax year
  • Final deadline to file corporate tax returns for the year 2014 if an extension was requested. (Forms 1120, 1120A, 1120S)
  • Final deadline to file trust income tax returns for the year 2014 if an extension was requested. (Form 1041)
  • Final deadline to file partnership tax returns for the year 2014 if an extension was requested. (Form 1065)
What are the penalties if the September 15th Deadline is ignored?
  • 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). 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).

If you are unsure if you are adequately prepared to meet these deadlines, contact us for a no cost consultation. We are able to provide on the spot tax preparation advice and will begin your tax planning for next year, so that deadlines no longer sneak up on you.