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Level 2
posted Sep 25, 2024 10:35:18 AM

filled extension

Hello, I filed an extension that was approved on 03/05/2024 and I missed the deadline which was 09/15/2024. How much penalty do I need to pay for filing passed the deadline for the extension? 

0 2 1673
2 Replies
Employee Tax Expert
Sep 25, 2024 10:46:43 AM

You did not specify if the extension you filed was for Federal or for a state.  However, by filing an extension you have until 10/15/2024 to get your taxes filed.  Filing an extension gives you that extra time to file your returns; however, an extension does not give you extra time to pay a balance due.  Please see the following link for more information on penalties and interest:  https://www.irs.gov/taxtopics/tc653

 

Employee Tax Expert
Oct 22, 2024 12:30:50 PM

My apologies.  I thought you were referring to the penalties for the filing deadline for individual tax returns.  To answer your question, the penalty for filing your S-Corp business return after Sept 15th is $235. for each month or part of a month (up to 12 months) the return is late, multiplied by the number of shareholders or partners.