If  you have an S or C Corporation, a trust or an LLC with more than one partner or a partnership that is on extension, this is your 2 week warning!  The extension will run out September 15 and if you haven’t filed the return by then, you will probably be subject to the IRS penalty for late reporting.  Even if no tax is due, the penalty is $195 a month per partner, so for an S Corporation the penalty will be $1170.00 per shareholder, for a partnership it will be $975.00 per partner (only a five month extension). This penalty does not apply to Trusts or C Corporations.  Anyway it is best to get these returns filed by the September 15 due dates.

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