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PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 4188
Experience:  Tax professional and business consultant for 35 years.
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My accountant told me to fund a 10k SEP IRA by Sept. 15th

Customer Question

My accountant told me to fund a 10k SEP IRA by Sept. 15th for tax reasons. It looks like I might miss the deadline by a few days. What would be the ramifications of missing it?
Submitted: 1 year ago.
Category: Finance
Expert:  PDtax replied 1 year ago.

Hi from Just Answer. I'm PDtax, and can assist.

Customer: replied 1 year ago.
I have already paid.
Customer: replied 1 year ago.
I just talked to you in the chat window
Expert:  PDtax replied 1 year ago.

must have been another expert.

Expert:  PDtax replied 1 year ago.

should I tell site mgmt to close out your question?

Customer: replied 1 year ago.
No. I didn't pay them. Can you answer my question?
Customer: replied 1 year ago.
This is for a California S-corp by the way.
Expert:  PDtax replied 1 year ago.

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.

Customer: replied 1 year ago.
Thank you
Expert:  PDtax replied 1 year ago.

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.