you haven't yet filed your 2022 S-corp? A 2022 calendar year s-corp return was due 3/15/2023. if extended then 9/15/2023. You're facing late filing penalties of close to $200 a month for every month late for up to 12 months. The same is true for the 2023 return which was due 3/15/2024 unless extended. if it was it's now due 9/15/2024
the replacement of parts that constitute “a major component or a substantial structural part of a unit of property” must be capitalized [Treas. Reg. §1.263(a)-3(k)(1)(vi)]. A major component is “a part or combination of parts that performs a discrete and critical function in the operation of the unit of property.” Substantial structural parts are those that constitute “a large portion of the physical structure of the unit of property” [Treas. Reg. §1.263(a)-3(k)(6)(i)(A-B)].
A facts and circumstances test is used that involves both quantitative and qualitative factors ent. Treas. Reg. §1.263(a)-3 provides an example that may be instructive. Providing a new engine, cab, and petroleum tank for a petroleum hauling truck would be capitalized because it involves the replacement of major components of the vehicle.
