Tag Archives: deadline

Corporate, Trust, and Estate Taxes Due

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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.

About the author

Brady is the owner of Ramsay & Associates. He specializes in financial statement preparation and personal, fiduciary and corporate tax and accounting.

His professional experience includes seven years' experience for local and national CPA firms before joining Ramsay & Associates in 2006.

He has a Bachelor of Accounting degree from the University of Minnesota Duluth. He is a Certified Public Accountant, a member of the Minnesota Society of CPA's, an Eagle Scout, as well as an active volunteer in the community.

The Deadline is Approaching!

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The post this week is a quick one.  If you extended your personal tax return, it’s due a week from today, with no more extensions available.  This deadline tends to sneak up on people.

After that deadline passes, we’ll be turning to year end planning for many of our clients.  Taking an hour or two to discuss taxes this fall will make next spring a far less surprising time, and allow us to help proactively plan for year end taxes.

As always, we’re here to help.