End of 2023 Tax Year

The 2023 Tax Filing Period is coming to a close. If you are an S-Corporation (1120-S), C-Corporation (1120) or Partnership (1065) and filed an extension earlier this year, your Returns are due on Monday, September 16, 2024. Any individual that requested an extension has until October 15, 2024 to file their 1040 Tax Form. The extension related to filing the Returns; if you have any tax liability and did not make a payment by March or April 15, respectively, you will be charged Interest and Penalties for the amount due. Requests for Extensions to file returns are freely granted by the IRS. Individuals use IRS form 4868 and Businesses utilized IRS form 7004.  The Taxpayer, or the Taxpayer’s Accountant, CPA or Tax Preparer should file the extension request.  Additionally, if a Penalty is assessed on your liability, there are situations in which a Request for Penalty Abatement can be made, therefore leaving only the amount you owe and interest to be paid.

Contact Attorney Dionne Kellier at dionne@smart-counsel.com to evaluate your case, in the event the IRS assesses a penalty, for your Individual or Business.