With September 15th Tax Deadlines approaching quick, we know you are starting to scramble and wonder who is exactly due, what day and what for. Kohler Financial is here to sift through all of the confusing memos, reminders and tax sheets that you have!
Sept. 15th Deadline Applies To:
- Partnerships (including some multi-member LLCs) that filed a 6-month extension request on Form 7004 on March 15, 2017
- S-Corporations that filed a 6-month extension request on Form 7004 on March 15, 2017
- C-Corporations that filed a 5-month extension request on Form 7004 on April 18, 2017
We will give you a more detailed breakdown right here!
- C-corporation and S-corporations: September 15th
- General and limited partnerhips (GPs, LPs): September 15th
- Single-member LLCs: October 15th
- Husband-wife LLCs in Texas: October 15th
- Other multi-member LLCc: September 15th
Okay, so the confusing parts are that most LLC’s are not corporations. The only way you can be a corporation is if you filed a specific paper with the IRS. Since it is rare and unusual, you and your accountant would recall if this was the case.
- If you do have a corporation or a partnership with a valid extension, then you must file at once. Otherwise, you’ll be hit with harsh penalties. Please feel free to reach out to Kohler Financial. The penalty is $195 per month, per person. If you did not have an extension, then the penalty keeps accruing, going back to the original March 15 deadline. With 2 partners (or shareholders), you’re looking at a $3,500 penalty. Sorry, but you did read that right. THREE THOUSAND, FIVE HUNDRED DOLLARS! Even if you did not file an extension, you will need to go ahead and have us file by the deadline. You will at least stop already huge penalties from growing even bigger.
- Finally, what if you are not ready, and your records are a mess? Call us As Soon As Possible. We can help you, the more time we have, the more help that we can give! However, if it is later, we will need to submit an amended return with the correct numbers, but at least you won’t have to worry about additional penalties.
Our phone number is 702-952-9560