topic S Corp Late Filing Penalty - Filed extension on 3/14/2020 in After you file

S Corp Late Filing Penalty - Filed extension on 3/14/2020

kevin_ny_2003 — Sun, 16 Aug 2020 22:48:08 GMT

I filed the S corp extension via certified mail on 3/14/2020 and filed the taxes on 7/15/2020. I received a letter dated 8/1/2020 that I need to pay penalty for filing taxes late. Please suggest what I need to do to avoid this penalty?

Thanks

Re: S Corp Late Filing Penalty - Filed extension on 3/14/2020

Critter-3 — Sun, 16 Aug 2020 23:16:42 GMT

Respond back telling them that you mailed the extension timely and send a copy of the certification ... chances are real good your extension is buried in the millions of envelopes that have not yet been opened and posted due to the pandemic.

And next time Efile an extension early ... do it by 3/1 if you think you will not file timely at that point ... do NOT wait until the last minute. Then if you are ready to file before the extension period is over you can ... there is no rule saying you must file on the last day.

Re: S Corp Late Filing Penalty - Filed extension on 3/14/2020

kevin_ny_2003 — Sun, 16 Aug 2020 23:19:35 GMT

Can I file S corp extension via E-file? I tried Turbo tax it gave me an extension form to mail.

Thanks

Re: S Corp Late Filing Penalty - Filed extension on 3/14/2020

Critter-3 — Sun, 16 Aug 2020 23:27:34 GMT

Don't know for sure ... I use a professional program ... however you can mail in the extension early ... do NOT wait until the last day .... even if you will file by 3/15 you can still mail in the extension in February to be safe. Again there is no rule against mailing it in early.

Re: S Corp Late Filing Penalty - Filed extension on 3/14/2020

Anonymous — Sun, 16 Aug 2020 23:30:21 GMT

hopefully, you retained that certified mail receipt. send a copy (not the original) of it along with a letter to the address in the notice explaining that, under penalties of perjury, enclosed is a copy of the certified mail receipt showing that the extension was mailed timely on 3/14/2020. Therefore, you request abatement of the penalties (and interest - omit unless there are interest charges - there shouldn't be any) because there was a timely filed extension. if you didn't retain it, you'll have to ask the IRS to abate the penalties because this was the first time they were asserted.

Re: S Corp Late Filing Penalty - Filed extension on 3/14/2020

Critter-3 — Sun, 16 Aug 2020 23:32:20 GMT

Seems the 7004 can only be mailed ... https://ttlc.intuit.com/community/forms/help/how-do-i-file-form-7004-application-for-automatic-extension-of-time-to-file-certain-business-income/00/25951

Re: S Corp Late Filing Penalty - Filed extension on 3/14/2020

Anonymous_ — Sun, 16 Aug 2020 23:37:13 GMT

@kevin_ny_2003 wrote:

Can I file S corp extension via E-file?

No. With TurboTax Business you have to print and mail Form 7004.