Hello! I have an S-Corp with a partner and am unsure of what tax product we should be using to file.

[Anonymous_ · Accepted solution]

"I have an S-Corp with a partner and am unsure of what tax product we should be using to file."

S corporations report to the IRS on Form 1120-S. If this is your S corporation's first year and/or you have no experience with the tax aspects of S corporations, then you might want to look into having your corporation's income tax return prepared by a tax professional.

The Intuit product that can be used to prepare and file a Form 1120-S is TurboTax Business (link below).

However, TurboTax Business must be installed and run on your computer in a Windows environment; there is no online or Mac version of the product.

https://turbotax.intuit.com/small-business-taxes/ 

[SweetieJean]

The tax deadline for S Corporation filing of a tax return is always by the 15th day of the third month that follows the end of the tax year. This is generally March  (not April) 15. So it is already late.

If Form 1120S is not filed by the standard due date or the extended due date, the minimum penalty imposed by the IRS is $195 for each month or part of the month the return is late. The $195 is multiplied by the number of shareholders in the corporation.