Duluth/Gwinnett CPA Advises Atlanta Taxpayers on Filing of Extensions
All too frequently we have taxpayers who inadvertently misunderstand what an extension is for a corporate or a personal income tax return.
An Extension Is:
• Notification to the IRS that you will be filing either your corporate return, LLC Return, Partnership Return or Personal Return six months later.
An Extension Is Not:
• An extension is not a permanent extension. Once your automatic extension is up. It is up. There are no more. After that both the IRS as well as the state of Georgia will access penalties for late filing and late payment.
• An extension is not an extension to pay. In fact, even if you pay all of your taxes with the original due date of a return you may still owe the IRS and GA late payment penalties if you do not meet certain tax exceptions.
The IRS is cracking down on S Corporations who do not file their tax returns by the due date and are assessing $195 for each shareholder per month that a return is late. As an Atlanta CPA for decades I have learned that filing deadlines are critical to staying out of tax trouble . To read more visit http://www.hiscpa.com/blog/2012/01/05/2012-irs-tax-filing-deadlines-for-atlanta-individual-taxpayers/
Choosing an Entity Type for Your New Georgia Business Your initial choice of entity is perhaps the most important tax, financial and legal decision you might ever reach. Being well versed in these areas is essential to a wise and prudent decision. Visit http://www.hiscpa.com/article2.html
Tax Effects of Entity Choice when Incorporating Your New Georgia Business Carefully considering the tax effects of your entity choice is essential to getting your business off on the right foot. Being careful to avoid, if at all possible, the double taxation of C Corporations and then selecting the right entity for your business from both a tax and legal perspective is critical. See http://www.hiscpa.com/article6.html
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