Have Finance Questions? Ask a Financial Expert Online.
Hi from Just Answer. I'm PDtax, and can assist.
must have been another expert.
should I tell site mgmt to close out your question?
Sure. If you don't pay your business SEP-IRA contribution, you will lose the tax deduction you claimed on your 2014 business return. The deadline to make the SEP-IRA is September 15th for calendar year corporations.
IRS will want the tax, interest and penalties, and your state will, too. Figure $3500 + to pay them. Add a few hundred more for your tax pro to respond to the bills, more if they insist on amending your returns.
The cost is pretty high, especially since you lose out on the contribution for your retirement.
Positive feedback to rate my assistance is appreciated. I'm PDtax.