e.g.  L-corporation discovers in February that it under-reported and under-paid employment taxes for the 4th quarter of the preceding year.  Since the error was discovered in February the amended return and tax is not due until April 30th.

However, Interest will be charged if you do not file the amended tax return AND pay the taxes by the due date.

NOTE: If you do not pay the taxes before the IRS asks for them, interest will be charged, therefore it is to your company’s advantage to report the error and pay the taxes when the mistake is discovered.

If you need help with this issue or any other, remember, small business services and taxation are our business.  Please give Art & Business Consulting a call.  We would love to engage you as a client.

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