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If an extension to file a corporate income and franchises taxes return is received timely, do I still owe late payment penalty and interest on taxes that are paid when the return is filed?

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If an extension to file a corporate income and franchises taxes return is received timely, do I still owe late payment penalty and interest on taxes that are paid when the return is filed?

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Yes, the extension only allows for an extension of time to file the tax return. The extension does not allow an extension of time to pay the tax due. To avoid interest and penalty assessments, estimated taxes should be paid on or before the original due date.

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