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Business & farm
Also keep in mind that your 2018 S corp return is late; assuming a calendar year end.
And if the above assumption is correct, you have accumulated late filing penalties.
S corporations that fail to timely file their Form 1120S or fail to show required information on the return are liable for a penalty of $200 per shareholder per month or fraction of a month the return or required information is not filed up to a maximum of 12 months.
As a result, I would make sure that this return is filed ASAP.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎October 16, 2019
11:28 AM