Some small businesses and entrepreneurs, including sole proprietors, C-corporations and some LLCs, don’t have long to file their taxes if they received an extension on filing them earlier this year.
Originally due on May 17, filers have until October 15, 2021, to submit their extended 2020 tax year returns.
Tax Extension Filing Deadline is October 15th
Failing to submit the return by the deadline will result in a failure-to-file penalty of 5% of levies owed per month, capped at 25%. When a refund is due, there is typically no failure-to-file penalty. However, small businesses and sole proprietors may risk losing their money for filing too late.