ChelseaC1
Employee Tax Expert

Get your taxes done using TurboTax

You can request a first time penalty abatement  for late filing on your S Corporation return after the penalty is assessed. The interest will only accrue on the balance due, so if you did not have any income you may not have to pay any interest on the business return. It is important you get the business return filed in enough time to add the K-1 to your personal return and avoid late filing for Individual Income Taxes which are due on October 15th.