Business & farm


@yesngo wrote:

Yes, I am late in filing due to pandemic related issues, but I estimate I have paid more than what is due when I filed my extensions, so I'm not expecting too much of a penalty, if any. 


You might ask for (and receive) relief from penalties, but there is a late filing penalty for an S corporation even if no tax is due.

 

For returns on which no tax is due, the penalty is $205 for each month or part of a month (up to 12 months) the return is late or doesn't include the required information, multiplied by the total number of persons who were shareholders in the corporation during any part of the corporation's tax year for which the return is due.

 

See https://www.irs.gov/instructions/i1120s#idm139641016304688