WEBVTT NOTE This file was generated by Descript 00:00:08.220 --> 00:00:11.840 Speaker: Welcome to Real Estate is Taxing, where we talk about all things real estate 00:00:11.870 --> 00:00:16.880 tax, and break down complex concepts into understandable, entertaining tax topics. 00:00:17.439 --> 00:00:21.259 My name is Natalie Kalady, I'm your host, and I am so excited 00:00:21.259 --> 00:00:22.670 that you've decided to join me. 00:00:23.758 --> 00:00:24.058 Microphone (Shure MV7)-5: Hello. 00:00:24.058 --> 00:00:25.078 Hello everyone. 00:00:25.138 --> 00:00:27.058 And welcome to today's show. 00:00:27.568 --> 00:00:34.858 So we are only a few days away from the extended deadline for entity tax returns. 00:00:35.248 --> 00:00:38.818 So this is the filing deadline for anything that is a pass through, 00:00:38.848 --> 00:00:40.978 typically our partnerships and our escorts 00:00:41.988 --> 00:00:45.468 Microphone (Shure MV7)-6: And this deadline is normally September 15th. 00:00:45.618 --> 00:00:50.358 It's September 15th for our entities, October 15th for our personal return. 00:00:50.868 --> 00:00:54.618 But because this month, the 15th is on a weekend. 00:00:54.978 --> 00:00:58.458 Our deadline for entities is going to technically be 00:00:58.458 --> 00:01:00.708 September 16th for this year. 00:01:01.208 --> 00:01:02.828 Microphone (Shure MV7)-5: So for today's show. 00:01:03.158 --> 00:01:06.908 We are going to talk about this tax deadline, who it applies to 00:01:06.908 --> 00:01:08.828 and some common misconceptions. 00:01:09.248 --> 00:01:11.108 And what your options are. 00:01:11.108 --> 00:01:13.028 If you think you might miss this deadline. 00:01:13.078 --> 00:01:17.278 As a starting point to kick things off the September 15th 00:01:17.278 --> 00:01:19.348 or technically 16th deadline. 00:01:19.888 --> 00:01:25.078 Is the extended filing deadline for S corpse and partnerships. 00:01:25.558 --> 00:01:28.528 These are normally due on March 15th. 00:01:28.948 --> 00:01:34.678 So if you file for an extension that gave you an additional six months to file. 00:01:35.038 --> 00:01:37.978 It does not give you an additional six months to pay. 00:01:38.488 --> 00:01:41.458 So the same thing happens with your personal return. 00:01:41.608 --> 00:01:44.218 If you filed an extension for your 10 40. 00:01:44.548 --> 00:01:47.998 Then you have until October 15th to complete your 10 00:01:47.998 --> 00:01:49.858 40 or personal tax return. 00:01:50.248 --> 00:01:52.348 However your income taxes do. 00:01:52.888 --> 00:01:56.098 Should be paid by April 15th extension. 00:01:56.128 --> 00:01:58.018 Give us more time to file. 00:01:58.318 --> 00:02:01.408 They do not necessarily give us more time to pay. 00:02:02.428 --> 00:02:03.928 Before we move on. 00:02:04.348 --> 00:02:10.048 Let's do a quick recap on what's an S-corp and what is a partnership? 00:02:10.528 --> 00:02:16.438 Because there are a lot of people who do not realize they might have one of these. 00:02:16.958 --> 00:02:18.248 An S corporation. 00:02:18.638 --> 00:02:26.138 Is either a C Corp that elects to be taxed as an S Corp or an LLC that 00:02:26.138 --> 00:02:27.938 elects to be taxed as an S-corp. 00:02:28.448 --> 00:02:34.478 For either of these circumstances, you file form 25 53 to be taxed as such. 00:02:35.108 --> 00:02:37.268 Even if you're starting as an LLC. 00:02:38.048 --> 00:02:40.628 You don't have to file anything else first. 00:02:40.988 --> 00:02:42.578 Do you change your LLC? 00:02:42.878 --> 00:02:46.838 To a corporation and then to have it taxed as an S status, 00:02:47.228 --> 00:02:49.568 it all happens in one step. 00:02:49.868 --> 00:02:51.308 and that is what it takes. 00:02:51.888 --> 00:02:56.658 The other common return that is going to be due in a few days is partnerships. 00:02:57.168 --> 00:02:58.608 There are multiple ways. 00:02:58.608 --> 00:03:02.748 You can create a partnership, the most common being general partnerships, 00:03:02.898 --> 00:03:06.918 a business that is just operating with more than one person running it. 00:03:06.948 --> 00:03:08.508 Even if there's not an entity. 00:03:09.108 --> 00:03:14.778 And also any LLC that has more than one person on the LLC, 00:03:14.778 --> 00:03:16.158 it has more than one owner. 00:03:16.638 --> 00:03:22.608 So a multi-member LLC is going to almost always default to being a partnership. 00:03:23.328 --> 00:03:25.578 And this is the most common way. 00:03:25.578 --> 00:03:31.098 I see people surprised by having a partnership or creating a partnership 00:03:31.098 --> 00:03:32.748 when they didn't intend to. 00:03:33.288 --> 00:03:34.428 That is because. 00:03:34.938 --> 00:03:39.648 A lot of people set up an LLC and they add their spouse to it by a default. 00:03:40.068 --> 00:03:44.268 Or they're going to do, you know, one small real estate deal with a friend. 00:03:44.268 --> 00:03:47.298 So they do this LLC with both their names, thinking they'll just split 00:03:47.298 --> 00:03:50.208 it 50 50 at the end, not knowing. 00:03:50.508 --> 00:03:54.618 They now also have to file an entire 10 65. 00:03:54.678 --> 00:03:58.428 They have to file a whole partnership tax return as a result 00:03:58.428 --> 00:03:59.928 of the way they structured this. 00:04:00.408 --> 00:04:03.798 So these are really common situations. 00:04:04.488 --> 00:04:06.678 So if this applies to you, don't feel bad. 00:04:07.188 --> 00:04:08.598 It happens pretty often. 00:04:09.528 --> 00:04:10.278 Now. 00:04:10.638 --> 00:04:14.058 If you are a multi-member LLC. 00:04:14.508 --> 00:04:17.088 But the only members are you and your spouse. 00:04:17.088 --> 00:04:17.838 You're married. 00:04:17.838 --> 00:04:18.378 Couple. 00:04:18.708 --> 00:04:21.438 And you are based in a community property state. 00:04:22.068 --> 00:04:24.588 Then you might not have to file a partnership. 00:04:24.978 --> 00:04:28.728 But only in that specific circumstance. 00:04:29.658 --> 00:04:34.038 If both of those things exist, you're married and in community property, state. 00:04:34.338 --> 00:04:37.878 You might have the option to treat that LLC as disregarded. 00:04:38.418 --> 00:04:41.118 And did not have a partnership tax return. 00:04:42.348 --> 00:04:46.548 If you are a married couple who are operating a business together 00:04:46.548 --> 00:04:50.658 without any type of an entity, you are married, you're running the business. 00:04:50.718 --> 00:04:54.888 You also have an option to file as a qualified joint venture 00:04:55.368 --> 00:04:59.598 where you could each choose to file your own separate schedule. 00:04:59.598 --> 00:05:03.058 C's each report as a separate independent business. 00:05:03.598 --> 00:05:08.098 Instead of reporting together on your 10 40, or having to file a partnership. 00:05:08.548 --> 00:05:09.148 As well. 00:05:09.778 --> 00:05:14.398 Those are a few of the nuances for times you might not have to have a partnership. 00:05:14.848 --> 00:05:18.058 But in most situations, if you have an LLC. 00:05:18.418 --> 00:05:22.468 That has an S selection, or if you have an LLC with more than one 00:05:22.468 --> 00:05:27.118 person, You have a tax return that is normally due on March 15th. 00:05:27.328 --> 00:05:30.118 And if you file an extension, it's due six months later. 00:05:30.478 --> 00:05:31.858 On September 15th. 00:05:32.338 --> 00:05:35.698 But like I said in this year, because that fell onto a weekend. 00:05:36.058 --> 00:05:38.668 It's technically due on September 16th. 00:05:39.428 --> 00:05:41.768 Microphone (Shure MV7)-2: Now if you have that extension filed 00:05:41.768 --> 00:05:43.628 or especially if you don't. 00:05:44.378 --> 00:05:49.928 You'll want to try to get this return filed as soon as possible, even if 00:05:49.928 --> 00:05:51.848 you don't have money to pay right now. 00:05:52.358 --> 00:05:56.168 So in any case, Filing a return late. 00:05:56.678 --> 00:05:59.828 And paying late is always worse than just paying late. 00:06:00.308 --> 00:06:04.778 So even if you don't have money to pay any taxes you might owe in the next few weeks. 00:06:05.198 --> 00:06:10.118 Still make sure to get your business returns filed by this deadline 00:06:10.118 --> 00:06:13.088 here in the next few days for your partnerships or your escorts. 00:06:13.538 --> 00:06:16.988 And get your 10 40 filed by the October 15th. 00:06:16.988 --> 00:06:17.978 Extended deadline. 00:06:18.578 --> 00:06:22.118 Even if you end up paying later, you don't want to file late. 00:06:22.238 --> 00:06:23.768 If you can avoid it. 00:06:24.908 --> 00:06:29.768 But we'll know, sometimes these things are unavoidable. 00:06:30.258 --> 00:06:33.318 Sometimes you may not have realized you had a partnership. 00:06:33.678 --> 00:06:38.148 Or you forgot to file an extension or your books aren't ready. 00:06:38.538 --> 00:06:42.828 They're all kinds of reasons that entity returns end up filed late. 00:06:43.488 --> 00:06:49.398 And there might be a few solutions depending on your circumstances. 00:06:50.478 --> 00:06:54.978 The first solution is if you have a partnership, this does 00:06:54.978 --> 00:06:56.628 not work for S corporations. 00:06:57.288 --> 00:07:03.948 But if you have a partnership tax return, And you meet the requirements. 00:07:04.278 --> 00:07:09.108 Under rev proc 84 35, which is the small partnership exception. 00:07:10.068 --> 00:07:16.428 Then as long as you have all of the information correctly reported on 00:07:16.428 --> 00:07:18.858 your personal tax return, your 10 40. 00:07:19.398 --> 00:07:20.898 Following some criteria. 00:07:20.898 --> 00:07:21.888 We're going to talk about. 00:07:22.638 --> 00:07:27.558 Then using this rev proc you can request to have that late penalty forgiven. 00:07:28.518 --> 00:07:34.878 So again, if you have a partnership, not an S-corp rev proc 84 35. 00:07:35.368 --> 00:07:39.088 What this allows is basically if there was a reasonable cause for 00:07:39.088 --> 00:07:41.008 having this late partnership. 00:07:42.028 --> 00:07:44.818 If you meet these criteria, there's a good chance. 00:07:44.848 --> 00:07:46.498 You can have the penalty removed. 00:07:46.498 --> 00:07:48.928 If you contact the IRS, either send them a letter. 00:07:48.978 --> 00:07:50.538 Or call up and talk to them. 00:07:50.538 --> 00:07:51.798 They won't do it automatically. 00:07:53.258 --> 00:07:53.588 Microphone (Shure MV7)-4: Okay. 00:07:53.618 --> 00:07:57.518 So let's dive into the requirements to see if you can get that penalty removed. 00:07:58.028 --> 00:07:59.408 Under these criteria. 00:07:59.768 --> 00:08:01.598 The first one is your partnership. 00:08:01.628 --> 00:08:03.968 Can't have more than 10 partners. 00:08:04.358 --> 00:08:05.888 Has to be a small partnership. 00:08:06.548 --> 00:08:10.238 The second one is that the partner has to either be, they have 00:08:10.238 --> 00:08:12.038 to either be all individuals. 00:08:12.848 --> 00:08:15.998 Or the estate of a deceased partner. 00:08:16.418 --> 00:08:21.158 So if you have a partner who is a trust or an LLC or something 00:08:21.158 --> 00:08:23.018 else, Will not qualify. 00:08:23.918 --> 00:08:29.858 The third one is that each partner's share of income deductions and credits. 00:08:30.398 --> 00:08:33.548 Our aliquot allocated in the same proportion. 00:08:34.178 --> 00:08:37.148 As all other items of income, deduction and credits. 00:08:37.268 --> 00:08:38.468 So things have to be. 00:08:38.798 --> 00:08:41.018 Allocated to each person correctly. 00:08:41.798 --> 00:08:44.858 And each partner has to have reported. 00:08:45.458 --> 00:08:50.888 Their share of the partnership, income or loss on their timely 00:08:50.888 --> 00:08:52.688 filed income tax return. 00:08:53.148 --> 00:08:57.978 This is what I was saying, and this is why it's important to 00:08:57.978 --> 00:08:59.898 get this returned on quickly. 00:09:00.318 --> 00:09:03.978 Even if it's late at this point, if you can get it done. 00:09:04.338 --> 00:09:09.138 Before you file your personal return, that if it's extended, isn't due 00:09:09.138 --> 00:09:12.708 for another month, you have till October 15th to file your 10 40. 00:09:13.428 --> 00:09:15.858 If you can complete this partnership in time. 00:09:16.278 --> 00:09:21.108 So that the K one, which reports your share of partnership, income or losses is 00:09:21.108 --> 00:09:26.328 included on your personal return and you pay the tax on your share accordingly. 00:09:26.928 --> 00:09:29.538 Then you would qualify for this penalty relief. 00:09:29.988 --> 00:09:33.078 So even if right now you're having a little bit of an oh shit 00:09:33.078 --> 00:09:36.048 moment and realizing you have a late partnership tax return. 00:09:36.438 --> 00:09:40.908 And you're sitting there and calculating this $235 a month per person penalty. 00:09:41.718 --> 00:09:45.348 If you can get it together in the next, like 25 days. 00:09:45.858 --> 00:09:49.848 And get it done and finished up and get those K ones. 00:09:50.178 --> 00:09:54.348 And your share of income and your partner shares of income onto their personal 00:09:54.348 --> 00:09:59.448 returns that are filed on time before their extended October 15th due date. 00:10:00.018 --> 00:10:04.938 Then you can qualify for this rev proc 84, 35, as long as you meet 00:10:04.938 --> 00:10:06.678 the other criteria we talked about. 00:10:07.668 --> 00:10:10.818 Again, this doesn't apply to S corporations. 00:10:11.298 --> 00:10:12.618 And whether or not. 00:10:12.948 --> 00:10:17.178 The state will also allow a forgiveness is going to vary by state. 00:10:17.718 --> 00:10:19.608 Some states might carry over. 00:10:19.698 --> 00:10:20.448 Some might not. 00:10:21.038 --> 00:10:25.328 It is also important to note that there are some tax return elections. 00:10:25.898 --> 00:10:28.898 That require being on a timely filed tax return. 00:10:29.468 --> 00:10:32.738 So even if you get that return finished up and you're going to 00:10:32.738 --> 00:10:34.568 avoid that late filing penalty now. 00:10:34.958 --> 00:10:38.048 There might be certain tax return elections that you might want to 00:10:38.048 --> 00:10:41.228 make, but might not be able to now because the return is late. 00:10:41.588 --> 00:10:45.338 So just make sure you check that and discuss it with your tax professional. 00:10:46.638 --> 00:10:51.198 The next option that might be worth looking into, if you think you might 00:10:51.198 --> 00:10:56.448 have a late file tax return or we're coming up on this deadline in a few 00:10:56.448 --> 00:10:58.488 days and you know, you are not ready. 00:10:59.148 --> 00:11:02.088 Is that this year there were quite a few disasters. 00:11:02.538 --> 00:11:06.288 And if you are located or your business is located. 00:11:06.708 --> 00:11:11.508 In one of these areas that were deemed a formal area of a disaster, 00:11:11.868 --> 00:11:16.158 then you might have your deadline bumped out to February 3rd. 00:11:16.548 --> 00:11:19.908 This applied to quite a few circumstances this year. 00:11:20.328 --> 00:11:23.658 And again, I will note, so this extends any deadlines. 00:11:24.138 --> 00:11:26.238 That occurred after the disaster. 00:11:26.748 --> 00:11:28.908 It doesn't apply to. 00:11:29.418 --> 00:11:32.118 Your taxes owed and a lot of these situations. 00:11:32.538 --> 00:11:38.658 Because for example, Your personal income taxes are due by April 15th. 00:11:38.958 --> 00:11:43.308 Because filing an extension gives you an extension of time to file, not to pay. 00:11:44.058 --> 00:11:47.988 So if your personal return is due in the next 30 days, but you're 00:11:47.988 --> 00:11:49.878 in one of these disaster areas. 00:11:50.448 --> 00:11:51.708 Then you're filing. 00:11:51.768 --> 00:11:53.448 You might have more time for that. 00:11:53.448 --> 00:11:54.258 Could be, do. 00:11:54.558 --> 00:11:55.608 February 3rd. 00:11:56.058 --> 00:11:57.318 However your payment. 00:11:57.708 --> 00:11:59.058 Is still late, either way. 00:11:59.868 --> 00:12:03.258 So if you have a partnership. 00:12:03.618 --> 00:12:06.918 Or an S-corp tax return that are going to be doing a few days. 00:12:07.518 --> 00:12:11.628 But, you know, you are in an area that might have had a 00:12:11.868 --> 00:12:14.418 qualified disaster this year. 00:12:14.688 --> 00:12:18.618 Then you might have that deadline pushed out to February 3rd. 00:12:19.008 --> 00:12:20.688 Under this disaster relief. 00:12:21.318 --> 00:12:26.028 So there is a full list of qualifying events, disasters, 00:12:26.028 --> 00:12:28.218 what states, counties, et cetera. 00:12:28.518 --> 00:12:29.418 Fell under it. 00:12:29.868 --> 00:12:33.798 And the specifics on the filing due dates and what was impacted. 00:12:34.488 --> 00:12:39.228 On the IRS website and I have the link to that in the show notes. 00:12:39.558 --> 00:12:45.288 So go to the show notes to get that full link to the disaster relief list. 00:12:45.678 --> 00:12:48.168 And see if your circumstance is listed there. 00:12:48.678 --> 00:12:50.118 Just a few days ago. 00:12:50.688 --> 00:12:54.948 There was a release for Connecticut that had to do with some of the flooding, 00:12:54.948 --> 00:12:59.988 severe storms and landslides where various deadlines were bumped out to February 3rd. 00:13:00.978 --> 00:13:05.688 A couple of days before that we had another posting related to New York, 00:13:05.748 --> 00:13:10.218 same thing, severe storms and flooding bumped some deadlines out to February 3rd. 00:13:10.698 --> 00:13:15.588 We had several counties in North Carolina and I believe all of South Carolina. 00:13:15.918 --> 00:13:20.478 Was extended due to the hurricane impact that we had there a couple months ago. 00:13:20.838 --> 00:13:24.568 And it goes all the way back to some additional situations that 00:13:24.568 --> 00:13:29.078 were a little earlier in the year, including some areas of Texas from a 00:13:29.078 --> 00:13:34.048 hurricane there, some Kentucky from some mudslides, there was Georgia 00:13:34.048 --> 00:13:36.058 was impacted from hurricane Debbie. 00:13:36.298 --> 00:13:41.518 So lots of different areas where you may be covered to 00:13:41.518 --> 00:13:43.108 have your due date bumped out. 00:13:43.918 --> 00:13:44.458 Now. 00:13:45.058 --> 00:13:50.308 I will add the caveat that a lot of people will say that if you and 00:13:50.308 --> 00:13:54.238 your business are based there, or if your tax preparer is based there. 00:13:54.688 --> 00:14:00.838 So the idea being, if you live in like Seattle, But your tax professional 00:14:00.838 --> 00:14:05.278 is in South Carolina in one of those disaster zones where businesses 00:14:05.278 --> 00:14:06.688 and people were bumped out to. 00:14:07.138 --> 00:14:11.578 February 3rd, that because that's, who does your taxes that yours aren't due till 00:14:11.578 --> 00:14:14.458 that date and this isn't clearly stated. 00:14:14.878 --> 00:14:20.248 So the nuance to it is that it's somewhat based on the ability and 00:14:20.248 --> 00:14:25.528 who and where your business records are kept allowing the filing. 00:14:25.978 --> 00:14:29.458 So if that professional has all of your records, like you mailed them 00:14:29.488 --> 00:14:33.658 all of your documents or they do all of your bulk bookkeeping and they 00:14:33.658 --> 00:14:36.868 are who receive all of your bills and do all of your invoicing, et cetera. 00:14:37.258 --> 00:14:38.578 Then you have a good argument. 00:14:39.208 --> 00:14:43.078 However, if you have just uploaded PDFs to a portal and you could 00:14:43.078 --> 00:14:46.858 just as easily upload them to another tax professionals portal. 00:14:47.248 --> 00:14:48.808 It might not qualify. 00:14:49.138 --> 00:14:52.648 So I wouldn't fall a hundred percent on that being a saving grace. 00:14:53.068 --> 00:14:57.718 But if you or your business is based in one of these impacted disaster 00:14:57.718 --> 00:15:02.668 zones, Then you might have a bumped out filing deadline into early next year. 00:15:03.388 --> 00:15:04.558 So it's worth checking out. 00:15:05.128 --> 00:15:08.548 Again, check the show notes to get that link to the IRS website 00:15:08.548 --> 00:15:10.258 for the full list of locations. 00:15:11.878 --> 00:15:15.478 The last small item, I'll mention that's not specifically due 00:15:15.478 --> 00:15:17.788 to the filing or filing late. 00:15:18.238 --> 00:15:21.118 But just something that some people don't realize. 00:15:21.148 --> 00:15:24.958 And I find this catches quite a few of my clients off guard each year. 00:15:26.008 --> 00:15:29.548 So when it comes to an S-corp or a partnership. 00:15:30.058 --> 00:15:34.138 The entity itself typically does not pay tax in most situations. 00:15:34.798 --> 00:15:39.148 So the amount of income or loss is calculated and 00:15:39.148 --> 00:15:40.768 figured out on those returns. 00:15:41.368 --> 00:15:45.718 And then each of the partners or shareholders receive a K one that gives 00:15:45.718 --> 00:15:47.968 them their portion of income or loss. 00:15:48.598 --> 00:15:51.958 Which they report on their personal tax return on your 10 40. 00:15:52.648 --> 00:15:54.358 And that's where the taxes are paid. 00:15:54.838 --> 00:15:56.398 It all nets out on the 10 40. 00:15:57.208 --> 00:16:02.608 So even though at the end of T level for an S Corp or a partnership, 00:16:02.938 --> 00:16:05.218 there's typically not income tax paid. 00:16:06.238 --> 00:16:07.678 Depending on your state. 00:16:08.338 --> 00:16:12.568 You very well might have franchise tax due each year when you file this. 00:16:13.078 --> 00:16:15.268 For example, in North Carolina, where I am. 00:16:15.688 --> 00:16:20.788 There is a $200 minimum for escorts for the first million 00:16:20.788 --> 00:16:22.648 dollars, pretty much of income. 00:16:22.648 --> 00:16:27.328 So the majority of S Corp owners here still have to send in a $200 00:16:27.358 --> 00:16:28.768 check each year to the state. 00:16:29.368 --> 00:16:30.688 As a franchise tax. 00:16:31.018 --> 00:16:32.008 Even though. 00:16:32.488 --> 00:16:36.808 The S-corp itself, isn't paying any kind of income tax based on the exact 00:16:36.808 --> 00:16:39.058 amount of earnings or anything like that. 00:16:39.838 --> 00:16:43.858 even if you have one of these pass through entities, Just confirm and 00:16:43.858 --> 00:16:48.178 see if you do have a state fee that is also due to make sure you're 00:16:48.178 --> 00:16:50.188 not missing that each year as well. 00:16:50.488 --> 00:16:53.488 If there is a franchise tax for your state, or there might be 00:16:53.488 --> 00:16:55.108 an annual filing requirement. 00:16:55.408 --> 00:17:00.058 Or something else outside of your standard income tax return filing. 00:17:00.928 --> 00:17:03.898 So that is what I have for you guys. 00:17:03.988 --> 00:17:06.448 I wanted to keep it short and sweet for this show. 00:17:06.478 --> 00:17:09.118 I know a lot of tax professionals listen, and that you guys are 00:17:09.118 --> 00:17:10.858 going to be super busy this week. 00:17:11.488 --> 00:17:15.238 If you have questions, feel free to hop into the Facebook groups. 00:17:15.238 --> 00:17:17.008 I'll link them below in the show notes. 00:17:17.488 --> 00:17:21.988 And as always, I hope that you guys have found value from today's episode. 00:17:22.318 --> 00:17:25.918 Don't forget to check out the list for disaster areas to see 00:17:25.918 --> 00:17:27.568 if that buys you some extra time. 00:17:28.138 --> 00:17:32.488 And if you have a partnership that is going to be late, don't forget 00:17:32.488 --> 00:17:37.738 to check out rev proc 84 35 and see if you qualify to receive some 00:17:37.738 --> 00:17:39.778 relief from that late filing penalty. 00:17:40.828 --> 00:17:45.598 I hope you guys have a fantastic September 16th filing deadline. 00:17:45.928 --> 00:17:48.898 And as always, I will talk to you next week. 00:17:49.919 --> 00:17:52.258 Mhm.