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Business & farm
You don't have to worry about penalties your first year.........https://www.irs.gov/instructions/i1120#idm140228285976672
A corporation that does not make estimated tax payments when due may be subject to an underpayment penalty for the period of underpayment. Generally, a corporation is subject to the penalty if its tax liability is $500 or more and it did not timely pay at least the smaller of:
Its tax liability for the current year, or
Its prior year's tax.
‎April 24, 2021
10:20 AM