{"id":7799,"date":"2024-02-24T01:13:58","date_gmt":"2024-02-24T06:13:58","guid":{"rendered":"https:\/\/byronrileycpa.com\/?p=7799"},"modified":"2024-02-27T01:17:57","modified_gmt":"2024-02-27T06:17:57","slug":"how-to-avoid-tax-penalties","status":"publish","type":"post","link":"https:\/\/byronrileycpa.com\/how-to-avoid-tax-penalties\/","title":{"rendered":"How to Avoid Tax Penalties for S Corporation and Partnership Tax Returns"},"content":{"rendered":"
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For S Corporations and Partnerships, March 15<\/strong> marks a critical date on the financial calendar: the tax filing deadline for the 2023 calendar year<\/strong>. While this deadline doesn’t necessitate a tax payment, failing to meet it can lead to significant tax penalties<\/strong>. This guide provides essential tips to help you how to avoid tax penalties by filing on time and avoid unnecessary financial consequences.<\/p>\n The IRS imposes penalties<\/strong> for late filings based on the principle that every month’s delay is penalized<\/strong>, affecting each shareholder or partner involved. For instance, a one-day delay post-March 15 for an S Corporation owned by a married couple could lead to a $490 penalty. These penalties emphasize the importance of timely filing.<\/p>\n <\/p>\n If you haven’t filed your S Corporation or Partnership return for 2023, consider these steps:<\/p>\n When you’re involved in an S Corporation or Partnership, your personal tax filing might be impacted:<\/p>\n Should you face penalties from the IRS, it’s possible to request an abatement<\/strong>. This step is crucial, especially if you’ve managed to file and pay your personal taxes promptly. Demonstrating compliance can sometimes lead to penalty relief<\/strong>.<\/p>\n <\/p>\n Filing your S Corporation or Partnership tax return by the March 15 deadline is crucial to avoid penalties<\/strong>. With proper planning, timely action, and understanding the available options, you can navigate this tax season smoothly. If you’re unsure about the process or need professional help, don’t hesitate to reach out for assistance<\/strong>.<\/p>\n <\/p>\n Need assistance with your tax planning?<\/strong> Call\u00a0<\/strong>832-303-3995<\/strong><\/a>\u00a0or\u00a0<\/strong>book your appointment<\/strong><\/a>\u00a0today.<\/strong><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" How to Avoid Tax Penalties for S Corporation and Partnership Tax Returns For S Corporations and Partnerships, March 15 marks a critical date on the financial calendar: the tax filing deadline for the 2023 calendar year. While this deadline doesn’t necessitate a tax payment, failing to meet it can lead to significant tax penalties. This … Continued<\/a><\/p>\n","protected":false},"author":13,"featured_media":7875,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_publicize_message":"Finished - How to Avoid Tax Penalties for S Corporation and Partnership Tax Returns","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[57,90,89,62,42],"tags":[87,86,48,43],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"\n
\nUnderstanding the Penalties for Late Filing<\/h2>\n
\nStrategies to Avoid Tax Penalties for Filing Late<\/h2>\n
Act Now to Meet the Deadline<\/h3>\n
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Handling Your Personal Tax Return<\/h3>\n
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\nChallenging Late Filing Penalties<\/h2>\n
\nConclusion:<\/h2>\n