S-Corp Partnership do I have to report if we made under a certain amount ie $10,000

[SweetieJean · Accepted solution]

All income must be reported, and your S Corp return is already late.

[SweetieJean]

<a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations">https://www.irs.gov/bu...>

[SweetieJean]

When S corporations fail to file Form 1120S by the due date (March 15) or by the extended due date (Sept 15), 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.

[Critter]

If this is your first corporation return I HIGHLY suggest you seek professional help to get it filed ASAP and to get educated on the rules & regs for an S-corp especially in regards to the payroll requirements.

[SweetieJean]

Totally agree.