@trailingedge22 wrote:
....it seems I'm in danger of actually owing the IRS and facing some harsh penalties.
Yes, that is a distinct possibility since an S corporation must file a timely Form 1120-S as long as the election to be treated as an S corporation remains in effect.
See https://www.irs.gov/instructions/i1120s#idm139641016872208
There are penalties for late filing of an S corporation return.
See https://www.irs.gov/instructions/i1120s#idm139641016304688
You need to seek professional tax counsel as soon as practicable. You may still have other options at this point, but you need to discuss the possibilities with a tax professional (link below).
https://taxexperts.naea.org/
