I wanted to issue a friendly reminder to all small business owners. The deadline for filing tax returns for a calendar year corporations and LLCs filing as associations is on March 16, 2015 /midnight – local time/.

If you are not ready and cannot meet the deadline, please consider filing form 7004 to get an extension.

The failure to file penalties can be quite severe and can accumulate pretty fast. As of today the penalty is $195 per month /up to 12 months/ per shareholder. For example, if you have 3 shareholders and you are late 2 months, your penalty will be $1170.