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posted Jun 6, 2019 6:01:34 AM

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

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Level 15
Jun 6, 2019 6:01:36 AM

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

5 Replies
Level 15
Jun 6, 2019 6:01:36 AM

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

Level 15
Jun 6, 2019 6:01:37 AM
Level 15
Jun 6, 2019 6:01:38 AM

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.

Level 15
Jun 6, 2019 6:01:40 AM

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.

Level 15
Jun 6, 2019 6:01:42 AM

Totally agree.