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Level 2

Question

How to avoid/minimize the penalty for late filing of 2014 S Corporation Return? Instead of filling the Return on April 15, 2015, it was filed on September 15, 2015.

Forum|Forum|7 years ago
May 30, 2019
4 replies
22 views

No text available

Level 15

Send a letter with the bill "begging forgiveness" for being unaware of the filing requirement and promise that is will not happen again since you have taken steps to prevent this from occurring ever again. If this was the first S-corp return they may forgive the penalty.... don't get your hopes up. (FYI .. it was due 3/15 and if you were on extension it was due 9/15)

Level 13

Another option is to build a time machine and go back to February to file the tax return. 🙂

Level 13

Another option is to build a time machine and go back to February to file the tax return. 🙂

Alumni - Champ

If the penalty is significant, try the first time penalty abatement procedure - see http://www.thetaxadviser.com/issues/2013/jul/buttonow-july2013.html .