Monthly Penalties for S-Corp not filing

[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.

[Brian EA]

See the Deluxe Edition of the Tax Book tab19-1

[Gretel]

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.