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The Internal Revenue Service requires S corporations to file a Form 1120S for income tax purposes. The return is due no later than the 15th of the third month after the corporation's tax year ends. If the return fails to include all information and supplemental schedules that are required, the return can be considered as late and therefore subject to penalties. These penalties are in addition to any interest charged for the late payment of taxes due.
Pennsylvania tax law can be confusing. If you work in Pennsylvania, you should be aware of all the rules, including rules about late fees and penalties, so you don't get an unwelcome surprise when you file your taxes. This is especially important for self-employed people, who are responsible for paying Social Security and Medicare taxes as well as their regular income taxes, but everybody should be aware of penalties and do their best to avoid them.
Every April working people are required to file a tax return with the Internal Revenue Service (IRS). Filing taxes can be daunting, sometimes downright overwhelming, which prompts procrastination for many and results in past due filing for some.
You might not remember some of your family member's birthdays, but April 15 is a day every working American remembers. It's the last day to file your income tax return, and by not filing it, you can face heavy fines and penalties that can include jail time. If you don't file your taxes by April 15 and you owe money, get ready to pay more than you originally would have. Even if you mail your taxes one day late, the IRS will impose a late filing penalty upon you, according to IRC 6651(a)(1). The only way the IRS won't charge…
Sometimes, it isn't possible to file or pay taxes by April 15. If you don't request an extension, you could be facing some significant financial penalties.
