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I am preparing taxes for my inactive S-corp just now with zero activities and just realized that that the the March 15 deadline for extension has past. What do I do now?
I already purchased TurboTax for filing my business in 2017 but just realized that I am 3 days past the March 15 deadline for filing extension. What should I do to ensure that my e-file is received by IRS? It has no activities but am keeping the business for now.
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I am preparing taxes for my inactive S-corp just now with zero activities and just realized that that the the March 15 deadline for extension has past. What do I do now?
You can still e-file your 1120S return, and there's nothing special for you to do to ensure that. But because it is late, you will be subject to a late filing penalty. There's no exception for an S-Corp that had no business activity for the year. When S corporations fail to file Form 1120S by the due date or by the extended due date, the IRS will impose a minimum penalty of $195 for each month or part of the month the return is late multiplied by the number of shareholders. See this link to a discussion of S-Corp Filing Dates.
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