personal assets contributed to the S-Corp for business purposes are entered on the books at the lower of your basis in them of Fair Market Value. since the calendar year 2019 S-corp return was due 3/15/2020 if not extended (9/15/2020 if it was) as noted, you face a penalty for each month late. when you get the penalty notice from the IRS write back that you were confused about its due date and have taken steps to ensure it will be timely filed in the future. requested that the penalties be abated. it is up to the IRS. it might not work because you are past even the extended due date but nothing ventured nothing gained.
