TNT E.52: Partnership and S-Corp Deadline

Welcome Tax No Tuesday!!

If you have a business partner or an S-Corp using calendar year tax return please be aware that the deadline of filing is this coming March 16 since March 15 falls on Sunday.

On this 2-minute episode, we will go over the penalties of filing late. An S corporation is responsible for reporting all financial activity on Form 1120S and attaching a Schedule K-1 for each shareholder.

When S corporation fails to file Form 1120S by the due date or by the extended due date, the IRS will impose a minimum penalty of $205 for each month or part of the month the return is late multiplied by the number of shareholders.If you are TIRED & OVERWHELMED dealing with your books and taxes, WYCOTAX is here to help!WYCOTAX will finish what you have started! We will close your books and file your taxes on time by being a Loyal Member NOW!As always, tune in every Tuesday for more Tax NO Tuesday Tips!Because if you can SAVE on TACOS, you can SAVE on Taxes!!

#WYCOTAX #TaxNoTuesday #TaxPlanning

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