There are no more extensions.
In addition to previously extended corporate (1120) and trust (1041) tax returns, S Corporation (1120S) and partnership (1065) tax returns are due today.
Most IRS late filing penalties are calculated as a percentage of the unpaid tax shown on the return.
But S Corporations and partnerships don’t pay tax so does that mean taxpayers can file those tax returns late without penalty?
Here’s the IRS rule for S Corporation returns:
If no tax is due, the late filing penalty for returns required to be filed after 2008 [is] $89 for each month or part of a month (up to 12 months) the return is late or does not include the required information, multiplied by the total number of persons who were shareholders in the corporation during any part of the corporation’s tax year. The penalty… also applies if tax is due.
And here’s the rule for partnership returns:
For partnership returns for tax years beginning in 2008 that are required to be filed after 2008, the late filing penalty is increased to $90 for each month or part of a month (up to 12 months) the return is late multiplied by the total number of persons who were partners in the partnership during any part of the partnership’s tax year.