Tax Deadlines and Extensions

2017 Tax Deadlines Approaching:

IRS Personal Form 1040                                   4-17-2018

IRS Corporation Form 1120S                            3-15-2018

IRS LLC and Partnership Form 1065                3-15-2018

​IRS Corporation Form 1120                               4-17-2018

State of Texas Franchise (LLC and Corps)        5-15-2018

YOU MAY WANT TO CONSIDER AN EXTENSION to avoid LATE FILING PENALTIES

Two ways to acquire an extension:
1. IRS website: www.irs.gov, and complete the appropriate form. Make sure you keep a copy and mail the form in by the Tax Deadline: 
2. Request our assistance in preparing an Electronic Extension with an e-file IRS Acknowledgement ($ 25 fee per extension). Scroll to  PDF Fillable form and complete your name, entity name, etc. PAYMENT for EXTENSION is due prior to our filing form

Or contact us at: info@dtuckercpa.com

Phone number:   512-462-3656

Fax number:      512-462-2715

NOTE: Being granted an extension, does not relieve the need to pay taxes. Or another way to say this:  The extensions below can grant one additional time to file a return and avoid Late Filing Penalties, but if you owe Tax Money, there are other penalties for Underpaying your obligation by the proper due date.

 

Six Month Extension *

Five Month Extension**

 

DUE DATES    Type of Return  Form     Extension            Late Filing Penalty

3-15-2018        S-Corporation   1120S    7004*                    Failure to file penalty is $195 for each month or part of a month (up to 12 months), for each shareholder in the corporation. The minimum penalty for a return that is more than 60 days late is the smaller of the tax due or $205. Additional tax Penalty of $260 applies for each failure to timely issue a schedule k-1 to a shareholder.

 

3-15-2018         LLC                   1065       7004*                   Failure to timely file partnership returns is $ 195 per month per partner up to 12 months. Failure to Timely furnish or include all required information on a K-1: $260 for each failure.

 

4-17-2018        Corporation       1120      7004**                   A corporation that does not file its tax return by the due date, including extensions, may be penalized 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax. The minimum penalty for a return that is over 60 days late is the smaller of the tax due or $205.

 

4-17-2018         Fiduciary           1041       7004**                 Estates/Trusts and Grantor Trusts: Late filing penalty of 5% of tax per month up to 25% plus Payment penalties and interest. If a return is more than 60 days late, the minimum late filing Penalty is the smaller of $205 or the tax due.

 

4-17-2018         Personal            1040       4868*                 imposes an addition to tax for failure to file a Federal income tax return by its due date, determined with regard to any extension of time for filing previously granted. The addition equals 5% of the net amount due for each month that the return is late, not to exceed 25%.The penalty does not apply if it is shown that the failure to timely file is due to reasonable cause and not due to willful neglect. If any tax is due, the tax must be paid by the unextended due date to avoid late payment penalties even if extension was filed.

 

05-15-2018 Texas Franchise     05-102/163               $50 late filing penalty. The extension payment must be at least 90% of the tax that will be due with report, or 100% of the tax reported as due on the prior franchise tax report (provided the prior report was filed on or before May 15).