I am wondering if there is a late payment penalty for a late C Corp, like IRS just started imposing for late S Corps? Thanks for any help you may have here.
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C corp penalty is based on the net tax due, not a per-shareholder per-month calculation as is now the case with S-corps."The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith -
Thank You John
Thank you John, so I suppose there has been no change with C Corps.Comment
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No change as of yet, but I do need to add one clarification. An 1120 which is over 60 days late is assessed a penalty of the LESSER of the tax due or $135. (I think the figure is $100 for earlier years). So I suppose technically there is a small penalty - just not one which cascades like the 1120S penalty."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Ty
Thank you John, I did not know that.Comment
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