An S-Corp return must be filed each year timely (due 3/15 if it is a calendar year entity) and issue a K-1 to each shareholder who in turn must report that K-1 on their personal return as the corp return is a pass thru entity. If you have not filed the corp return yet is it now very late and the penalties are piling up as I type ... seek out local professional assistance if you do not know how to file it.
