1065 vs. 1120s

9542103959 · ‎September 25, 2024

I did not receive the link regarding the penalties and interest on the penalties for filing late on the LLC/S.Corp.

Which form do I need to file for the LLC/S.Corp with one member, 1065, 1120s or both? Please note there was no income for the past two years since the LLC was established.

SwapnaM · ‎September 25, 2024

For a single member LLC elected to be treated as an S-Corp, you would file a 1120-S form.

They must do this by the 15th day of the third month after the tax year ends, usually March 15.
An S corporation can obtain an extension of time to file by filing IRS Form 7004.

S corporations that fail to file Form 1120S by the due date or by the extended due date face a $220 (for 2023) penalty for each month or part of a month the return is late. The penalty is multiplied by the number of shareholders.

https://turbotax.intuit.com/tax-tips/small-business-taxes/s-corp-federal-tax-filing-dates/L1U6tYGMt

@9542103959 Thanks for the question!!

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