If you have not yet filed your 2008 tax returns, you are quickly running out of time! Corporate filing deadlines come in September, and personal filing deadlines arrive in October. After that you are subject to stiff fines from both the IRS and Illinois Dept of Revenue.
Deadlines coming up include:
- September 15, 2009 for calendar year-end corporations, partnerships and trusts with 12/31/08 year-ends
- October 15, 2009 for individuals
In addition to these deadline, a key tax break expires at the same time relating to the use of net operating losses generated in 2008. See my blog post on this subject.
If we are preparing your returns, we need your information several weeks before the deadlines to give us enough time to process your return accurately.
For S-corporations, the IRS is now imposing a late-filing penalty equal to $89 per month, per shareholder. This penalty can very quickly add up, especially for corporations with multiple shareholders.
Steve Trojan, CPA is owner of SMT & Associates, Inc, a Crystal Lake IL based tax and accounting firm, and Complete Payroll Inc, (www.completepayrollinc.com) a payroll processing firm.
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