Individual Tax Preparation Filing and Payment Deadlines

Individual taxpayers will have until April 18, 2011*  to file their returns and pay any tax due. This year the normal tax deadline, Friday, April 15th, falls on a legal holiday in the District of Columbia.  As D.C. holidays affect tax deadlines in the same way federal holidays do, all taxpayers are being given an extra three days to file their returns.

*If you are living or traveling outside the United States on April 15, 2011, the due dates for filing your return and paying your tax are different.

If you are unable to have your 2010 individual income tax returns prepared and filed by this April 18, 2011 deadline, you may request, or have your tax professional request, an Application for Automatic Extension of Time to File your individual income tax returns. This automatic extension extends the deadline to file your individual income tax returns until October 17, 2011. It is important to note that an extension to file your tax return is not an extension to pay any tax due. Penalties will be assessed should you fail to pay any 2010 income taxes due by April 18, 2011.

The late payment penalty is usually half of 1% of any tax (other than estimated tax) not paid by April 18, 2011. It is charged for each month or part of a month the tax is unpaid. The maximum penalty is 25%. A late filing penalty is usually charged if your return is filed after the due date (including extensions). The penalty is usually 5% of the amount due for each month or partial month, your return is late. The maximum penalty is 25%. If your return is more than 60 days late, the minimum penalty is $135 or the balance of the tax due on your return, whichever is smaller.

Corporate Tax Preparation Filing and Payment Deadlines

The deadline to file and pay any tax due for corporate tax returns (forms 1120, 1120A, and 1120S) or to request an automatic 6-month extension of time to file was March 15, 2011. Like with the individual returns, the extension to file is not an extension to pay any tax due.

For more information, contact Moskowitz, LLP.

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