Monthly Penalties for S-Corp not filing

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  • AZ-Tax
    Senior Member
    • Feb 2008
    • 2604

    #1

    Monthly Penalties for S-Corp not filing

    Its my understanding its $150/month per shareholder, correct? Does it matter if the S-Corp has no income or expenses for which I am guessing it makes no difference with the penalty.
  • Brian EA
    Senior Member
    • Dec 2005
    • 786

    #2
    See the Deluxe Edition of the Tax Book tab19-1
    Everybody should pay his income tax with a smile. I tried it, but they wanted cash

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    • Gretel
      Senior Member
      • Jun 2005
      • 4008

      #3
      Originally posted by AZ-Tax
      Its my understanding its $150/month per shareholder, correct? Does it matter if the S-Corp has no income or expenses for which I am guessing it makes no difference with the penalty.
      You are right, it does not make a difference if income or not. By the way it's $195 up to $2,340. I had this situation a couple of years ago for a S-Corp. going out of business. I had to file two tax returns with no income or expenses but marked the older one as final and asked for abatement of the penalties, which was granted.

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