Oh Baby! Posted October 10, 2019 Report Share Posted October 10, 2019 1120S was originally due by March 15, 2019. Extension was filed whic allows for filing until September 15, 2019. A return filed today (October 10) will incur 1 month of penalties or 7 months of penalties Quote Link to comment Share on other sites More sharing options...
jklcpa Posted October 10, 2019 Report Share Posted October 10, 2019 (edited) One month. Quote Late filing of return. A penalty may be assessed if the return is filed after the due date (including extensions) or the return doesn't show all the information required, unless each failure is due to reasonable cause. See Caution, earlier. For returns on which no tax is due, the penalty is $200 for each month or part of a month (up to 12 months) the return is late or doesn't include the required information, multiplied by the total number of persons who were shareholders in the corporation during any part of the corporation's tax year for which the return is due. If tax is due, the penalty is the amount stated above plus 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax. The minimum penalty for a return that is more than 60 days late is the smaller of the tax due or $210. https://www.irs.gov/instructions/i1120s Edited October 10, 2019 by jklcpa added link 1 Quote Link to comment Share on other sites More sharing options...
Oh Baby! Posted October 10, 2019 Author Report Share Posted October 10, 2019 thanks! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.