Bill Carroll, Staff Accountant
The late night telephone calls and e-mails from your friendly neighborhood accountant have started. Why? Because, you’re reminded, it is that dreaded time of year, tax season. If you are a corporate filer, that time of year is now as the due date for filing your federal corporate return is March 15th. Now panic sets in as you are not ready, so what do you do? Well, that’s what I’m here to discuss.
The late night telephone calls and e-mails from your friendly neighborhood accountant have started. Why? Because, you’re reminded, it is that dreaded time of year, tax season. If you are a corporate filer, that time of year is now as the due date for filing your federal corporate return is March 15th. Now panic sets in as you are not ready, so what do you do? Well, that’s what I’m here to discuss.
First of all, don’t worry; you’re not alone. Uncle Sam has made provisions for these situations. Ask your accountant to file an extension for you. This will give you an additional six months to get your information together to file an accurate return. But remember, this extension only gives you an extension to file, NOT to pay any tax that may be due.
Another reason why you may want to extend the return is to extend the due date of any pension or profit sharing contribution. This can help with managing cash flow as you will have 6 months to make the payments.
Even though an extension gives you six additional months to file, I recommend that you start working on getting this information together and not wait until the last minute.
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