Is it okay to file your Income Tax return late?

The corporate tax deadline is April 15th (for calendar year-ends) but can be extended, very easily, to October 15th. For companies with foreign subsidiaries or foreign shareholders, there is an automatic $10,000-$25,000 IRS penalty for filing late. Further, you run the risk of not taking advantage of the refundable research and development tax credit only offered to startups that file on-time.