Question

Corporations are required to file on the 15th day of the 3rd month following their year end; individuals are required to file on the 15th day of the 4th month following their year-end; 6 month extension allows a taxpayer to FILE a return up to 6 months after the original due date

Incorrect: a 6 month extension allows a taxpayer to PAY the tax due up to 6 months after the original due date; partnerships are required to file on the 15th day of the 3rd (4th) month following their year end.
a. True
b. False

Answer 1

The statement in question is false because a 6-month extension allows extra time to file taxes, not for the payment of taxes owed, which are still due by the original deadline.

Step-by-step explanation:

The statement regarding the filing and payment deadlines for taxes is false. Corporations are indeed required to file by the 15th day of the 3rd month following their year end, and individuals must file by the 15th day of the 4th month following their year-end, typically April 15th. However, a 6-month extension grants additional time only to file a tax return, not to pay the taxes owed. Taxes owed are still due by the original filing deadline, and failure to pay by that deadline can result in penalties and interest charges. Partnerships have the same filing requirement as corporations; they must file by the 15th day of the 3rd month following their year end.