^{Just in case you have a Corporate, Partnership or Trust tax return yet to file, listen up!}

^{You may think you have until October 15th to file your calendar year Corporate, Partnership or Trust return for which you filed an extension, but you don't and you may be faced with significant penalties if you file late!  The deadline for this year is September 15, 2011.  Some business returns have pretty hefty penalties, such as partnerships and tax-exempt organizations.  The others typically cost you 5% per month of the tax due for the first 5 months the return is late.  These penalties are assessed from the original due date of the tax return and also carry interest, which is presently 4% per annum.  After 5 months, the late filing penalty drops to 0.5% per month.}

^{Symptoms of a problem:  Filing a business return after the original due date is really a symptom of a bigger problem; that is, the fact that insufficient attention is being paid to keep business records up to date.  Filing a return by the original due date should always be a priority unless a later filing, with an extension, allows the return to be prepared more accurately, or is a strategy you and your professional tax preparer are using to deal with things like funding pension plans.} 

^{Don’t procrastinate on business returns:  If you aren’t ready to hand over your business records to your professional tax preparer, who must be an Enrolled Agent or a CPA, by February 15th for calendar-year returns, there is something wrong that needs to be fixed.  If you need help getting your books in order to give to your preparer, we can help you!  We have experienced bookkeepers who know how to prepare books that are not only accurate, but are categorized in the way a tax preparer wants to see them for tax-reporting purposes.}

^{If you need help getting your business tax return done by September 17th, 2011, give us a call right away.  If you extended your business tax return, you probably need to get your individual tax return done by October 17th, 2011.  Don’t be late on that one either.  The penalties can be serious.}

^{Don't fail to file your return on time, even if you can't pay the taxes you may owe.  Filing tax returns and paying the tax due are two different things.  Don’t ever be late in filing.  The penalties for not filing are much more punishing than the penalties for not paying the tax.  Just send the return in on time and we can help you worry about how you can get the tax paid.}