" The short answer is, yes, you can deduct a net business loss (such as one that is passed through to you on a K-1 from an S corporation) from your other income...
...Note, however, that you cannot carry that loss forward unless it results in an NOL on your individual income tax return."
Thanks!
IRS Late Filing of 1120S
"Late filing of return. A penalty may be assessed if the return is filed after the due date (including extensions)...
... The minimum penalty for a return that is more than 60 days late is the smaller of the tax due or $435."
