do not delay in seeing a tax professional. if you were in a partnership or an S-corporation, that entity was required to file a tax return and issue the owners of the entity a K-1 so they could report the income on their personal tax returns. that return is now late. penalties for late filing are about $200/month/owner so with just two owners the penalty is now about $1,600. not only that but if you owe on your income tax return for 2020, that payment is now late. so there would also be penalties on your personal return of 5% for each month or fraction thereof for which you owe based on the amount owed.
