NC Abatement of Scorp late filing penalty

[erchess]

Does anyone know under what circumstances NC will abate the penalty for late filed S Corp Returns? Can the taxpayer dissolve the corp and dodge the penalty that way? And how about the unpaid fees for simply existing - I think it's called the Franchise Tax?

[JohnH]

There is no late-filing penalty for late-filed NC S-Corp returns, other than the penalty for not paying the Franchise Tax. (The penalty which would apply to the $25 annual report fee can be completely avoided by simply not attaching the annual report to the return).

All penalties and Franchise Taxes are a liablity of the corp - if it stops doing business and has no assets, then there isn't really much the NCDR can do to collect.