If you’re one of the nearly 5.5 million Americans who extended their corporate, partnership, or trust tax returns, today is the deadline to complete those returns and get them filed with the IRS.

Any entity that creates a Form K-1, such as an S-Corporation, Partnership/LLC, or Trust can be subject to penalties of $195 per month per owner or beneficiary, which can add up quickly.  For example, if you have an S-Corporation with 4 owners, and file your tax return on November 15th, the total penalty would be $1,560.

Remember, if you can’t get the return filed on time, it’s critical you still file the tax return, and do so as soon as possible.