Hi!
My assistant pulled together a list based on our prior communication. If you have any of the below situations, please read on:
- S-corp
- Multi-Member LLC
- Partnership
The below deadline applies even if there is no activity or they operated at a loss! There is a HUGE amount of confusion about this out there & I just want to clear it up.
Missing any of these filings because “it had no activity” or “it lost money” is a recipe for IRS penalties, which are over $200 per month per partner. Please do not disregard this.
There are also some other “fancy” name types, such as LLP, LP, GP, 1120-s, etc. but you get the point. If you own a business entity, a filing is required.
Deadlines are:
- March 15th tax return is due
- This applies even if there is no activity!
Side note:
Another frequently missed one has to do with state annual reports – for example, DE has a March 1st deadline for your annual report, which also has a penalty for being missed.
If you are not sure what applies to your entity type, please feel free to ask! This is what this message is for – we are here to help you.
Side note #2 😁
If your bookkeeping is not up to date, you are already running late – get with us or your bookkeeper immediately. Your tax obligations are a factor of your bookkeeping, so if that is off, your taxes will be off.
For help with this, we’ll need to get started this week to leave enough time for bookkeeping before tax prep.
In case your books are ready, we can move straight into tax preparation. Please don’t wait until March, as firms – including ours – are usually fully booked by mid-February.
Please get in touch by Friday either way so we can coordinate next steps and plan accordingly.
Thanks,
—
George Dimov CPA
(833) 829-1120 toll free
