Few days late to file 1120S

[spat001]

Hello!

Today is 3/24, I was supposed to file my S-Corp taxes by 3/15. Somehow I did not remember the correct date.

Will there be a penalty? How much?

No taxes are due.

Thanks for any help.

[MinhT1]

Yes, the IRS may assess a penalty for late filing.

The penalty is $205 per month or part month the return is late multiplied by the number of shareholders.

[spat001]

Is there is a possibility to ask them to waive this off? This is the first time we are late.

[ZoltanB45]

You can request a one time abatement of penalties and interest and they should allow it if you have otherwise not been delinquent in paying taxes.  Whether or not you want to use it up for this penalty, is up to you.