M-MTax
Level 10

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.

 

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