Tax season is to be almost over so make sure to contact your tax advisor to get the appropriate forms filed. As the first quarter of the year approaches its end, there are several due dates that must be met to avoid penalties and interest from the Internal Revenue Service.
The Following Are Due No Later Than March 15:
•Form1042, Annual Withholding Tax Return or U.S. Source Income of Foreign Persons
•Form1042-S, Foreign Person’s U.S. Source Income Subject to Withholding
• Form 1065, U.S. Return of Partnership Income (to recipients)
• Form 1120-S, Income Tax Return for an S Corporation (to recipients)
• Form 2553, Election by a Small Business Corporation
• Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns
The Following Are Due No Later Than April 15:
• FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)
• Form 1040-ES (2024 Q1)
• Form 1040/1040-SR
• Form 1041, U.S. IncomeTax Return for Estates andTrusts
• Form 1120, U.S. Corporation Income Tax Return
• Form 1120-W, Estimated Tax for Corporations Worksheet (2023 Q1)
• Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return
The Following Are Due No Later Than May 15:
• Form 990, Return of Organization Exempt from Income Tax (e-File)
• Form 8868, Application for Automatic Extension of Time to File an Exempt Organization Return
For those who choose to file an extension (Form 7004) that is due March 1, you have until Sept. 15, to file the tax return.
For those you choose to file an extension (Form 4868) that is due April 15, you have until Oct. 15, to file the tax return.
For those who choose to file an extension (Form 8868) that is due May 15, you have until Nov. 15, to file the tax return.
What Will The Penalty Be If You Do Not File Your Tax Return Or Extension Form On Time?
The Failure-to-File penalty is 5 percent of the unpaid taxes for each month or part of a month that a tax return is late. The penalty won’t exceed 25 percent of your unpaid taxes. If the return is more than 60 days late, the minimum Failure-to-File penalty is $485 or 100 percent of the underpayment, whichever is less. Interest will be charged at an 8 percent rate, compounded daily, of the amount you owe.
Will I Be Charged Penalties And Interest If I Owe Taxes But Filed An Extension Of Time To File My Tax Return?
Yes, you will be charged a penalty and interest if you do not submit your tax liability with the extension request. the IRS allows you to file an extension to grant you an additional sixmonth to file your tax return. The extension request is only to avoid the penalty and interest for not filing on time.
If you believe you will owe taxes, it is recommended to submit the tax liability payment with the extension request to avoid a penalty and interest.
I hope this serves as a good guide for you or your business.
Bud Krater has been doing taxes in Lee County for over30 years. He has his enrolled agent (EA) status with the IRS, which means he can represent you in front of the Internal Revenue Service. He is passionate about his job of saving people tax dollars. His company, A Bud Krater Inc., has three guarantees. He will be happy to help
Bud Krater Inc.,
Address: 19 Del Prado Blvd. North Ste 4
Cape Coral , FL 33909
Website: www.taxprobuddy.comContact:(239) 772-1040
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