For small business owners, navigating tax deadlines is crucial to avoid hefty penalties that can reach thousands of dollars for late filings. The steep consequences for businesses that miss their filing deadlines, a scenario that’s notably harsher compared to individual filings. New entrepreneurs, in particular, may not be aware of different deadlines, such as the March 15 deadline for partnerships, compared to the more commonly known April 15 deadline for individuals. However, there’s a lifeline for first-time offenders in the form of IRS Form 843, which allows for penalty abatement as a one-time courtesy if other filings are up to date. This relief underscores the importance of staying informed and compliant with tax obligations. For those seeking guidance on tax-related matters, professional advice from a CPA can provide clarity and help minimize liabilities while keeping businesses on track.
Avoid Paying Late Fees on Your Taxes with This 1 Time Hall Pass
